During the decade of the 1970’s the US economy unexpectedly suffered from “stagflation” namely, high unemployment …, slowed economic growth and high rates of inflation. During the 1980’s the major macroeconomic problem became high interest … to a full employment target, growth of the underground economy will give rise to a continuous stagflation which can only …

equities fail the test as inflation hedges, as had been quite widely believed, but that they take so long to pass. …

based on the Fiscal Theory of the Price Level (FTPL). The re sults show that a credibly fixed exchange rate is inconsistent …

An empirical link between inflation and price dispersion has been well established in goods and services markets – both …. Specifically, we examine the link between inflation and price dispersion in an empirical setting patently lacking the market … inflation-dispersion link in goods and services markets with a matched panel of equity market prices. Surprisingly, we find that …

rapidly growing literature on Fiscal Theory of Price Level, which opens up new horizons in a non–Ricardian world and questions …

Most of the papers in the sticky-price literature are based on a log- linearization around the zero inflation steady … state, a simplifying but counterfactual assumption. This paper shows that when trend inflation is considered, both the long … results obtained by models log-linearized around a zero inflation steady state are quite misleading. Furthermore, the same is …