A Segmented Markets Model of Inflation

Models of inflation usually have monetary policy impacting the economy through either an interest rate or a monetary/credit quantity channel but not through both. We argue that policy is transmitted via two distinct types of agents – those that are and that are not liquidity constrained. The implication is that both channels must be seen as complementary, joint indicators of inflation and must both be incorporated in models of inflation. We provide a formal representation of price level determination and behaviour in this segmented markets framework and evaluate it econometrically using US data. Length: 32 pages

Commodity prices, money and inflation

The influence of commodity prices on consumer prices is usually seen as originating in commodity markets. We argue, however, that long run and short run relationships should exist between commodity prices, consumer prices and money and that the influence of commodity prices on consumer prices occurs through a money-driven overshooting of commodity prices being corrected over time. Using a cointegrating VAR framework and US data, our empirical findings are supportive of these relationships, with both commodity and consumer prices proportional to the money supply in the long run, commodity prices initially overshooting their new equilibrium values in response to a money supply shock, and the deviation of commodity prices from their equilibrium values having explanatory power for subsequent consumer price inflation. JEL Classification: E310, E510, E520impulse response analysis, overshooting, VECM

A Monetary Perspective on the Relationship between Commodity and Consumer Prices

This article argues that long run monetary determination of both commodity and consumer prices may help explain US CPI and commodity price index data since the early 2000s.

Commodity Prices, Money and Inflation

The influence of commodity prices on consumer prices is usually seen as originating in commodity markets. We argue, however, that long run and short run relationships should exist between commodity prices, consumer prices and money and that the influence of commodity prices on consumer prices occurs through a money-driven overshooting of commodity prices being corrected over time. Using a cointegrating VAR framework and US data, our empirical findings are supportive of these relationships, with both commodity and consumer prices proportional to the money supply in the long run, commodity prices initially overshooting their new equilibrium values in response to a money supply shock, and the deviation of commodity prices from their equilibrium values having explanatory power for subsequent consumer price inflation.

Addressing Puzzles in Monetary Dynamics

This paper discusses some of the puzzles associated with monetary dynamics and proposes possible explanations, primarily the democratisation of financial markets and sounder money.

Joining the Movement: Tradition and Ideology in the IRA 1948 – 1962

With the ending of the Civil War in 1923 and the defeat of the Anti-Treaty Forces, the Irish Republican Army (IRA), over the next the next twenty five years, remained on the periphery of Irish political life. This period also saw a steady decline in membership, while the organization struggled to define its relevance in wider society. The years between 1948 and 1962 saw the re-emergence of a new generation of young people who joined the organization. In 1956 it embarked on a military campaign in Northern Ireland that ended in failure in 1962. The objective of the campaign was to end partition and create a thirty-two county unified state in Ireland. Sinn Féin became the political front for the IRA and both organizations, which are regularly referred to as the republican movement within this thesis, attracted a renewed level of support and membership. This thesis examines the role that tradition and ideology played in the re-growth of the movement during the 1950s

Joining the Movement: Tradition and Ideology in the IRA 1948 – 1962

With the ending of the Civil War in 1923 and the defeat of the Anti-Treaty Forces, the Irish Republican Army (IRA), over the next the next twenty five years, remained on the periphery of Irish political life. This period also saw a steady decline in membership, while the organization struggled to define its relevance in wider society. The years between 1948 and 1962 saw the re-emergence of a new generation of young people who joined the organization. In 1956 it embarked on a military campaign in Northern Ireland that ended in failure in 1962. The objective of the campaign was to end partition and create a thirty-two county unified state in Ireland. Sinn Féin became the political front for the IRA and both organizations, which are regularly referred to as the republican movement within this thesis, attracted a renewed level of support and membership. This thesis examines the role that tradition and ideology played in the re-growth of the movement during the 1950s

Joining the Movement: Tradition and Ideology in the IRA 1948 – 1962

With the ending of the Civil War in 1923 and the defeat of the Anti-Treaty Forces, the Irish Republican Army (IRA), over the next the next twenty five years, remained on the periphery of Irish political life. This period also saw a steady decline in membership, while the organization struggled to define its relevance in wider society. The years between 1948 and 1962 saw the re-emergence of a new generation of young people who joined the organization. In 1956 it embarked on a military campaign in Northern Ireland that ended in failure in 1962. The objective of the campaign was to end partition and create a thirty-two county unified state in Ireland. Sinn Féin became the political front for the IRA and both organizations, which are regularly referred to as the republican movement within this thesis, attracted a renewed level of support and membership. This thesis examines the role that tradition and ideology played in the re-growth of the movement during the 1950s

Joining the Movement: Tradition and Ideology in the IRA 1948 – 1962

With the ending of the Civil War in 1923 and the defeat of the Anti-Treaty Forces, the Irish Republican Army (IRA), over the next the next twenty five years, remained on the periphery of Irish political life. This period also saw a steady decline in membership, while the organization struggled to define its relevance in wider society. The years between 1948 and 1962 saw the re-emergence of a new generation of young people who joined the organization. In 1956 it embarked on a military campaign in Northern Ireland that ended in failure in 1962. The objective of the campaign was to end partition and create a thirty-two county unified state in Ireland. Sinn Féin became the political front for the IRA and both organizations, which are regularly referred to as the republican movement within this thesis, attracted a renewed level of support and membership. This thesis examines the role that tradition and ideology played in the re-growth of the movement during the 1950s