We study the relation between inflation and real activity over the business cycle. We employ a Trend-Cycle VAR model to … control for low-frequency movements in inflation, unemployment, and growth that are pervasive in the post-WWII period. We show … that cyclical fluctuations of inflation are related to cyclical movements in real activity and unemployment, in line with …

We study the role of war bonds and inflation in the presidential elections of the 1950s. During World War II, the … promotion of savings bonds made Americans more sensitive to the high inflation that prevailed after the war, contributing to …

, demand shocks, and monetary policy are the fundamental drivers of inflation. Endogenously time-varying risk premia imply that …

inflation in the expected directions. Analysis of available policy records suggests that a contractionary monetary shock likely … impacts on real GDP and inflation in 2023 and 2024 …

inflation in the 2020s. Economic slack is measured as firms' job vacancies over the number of unemployed workers. After showing …. Policy implications include the thesis that appropriate monetary policy can bring inflation down without a significant …

monetary policy responds to changes in inflation. Neither inertial rules nor rules which respond to output-gap fluctuations can …

Phillips-curve framework of low---often extremely low---response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …