The inflation-indexed bonds the U.S. Treasury plans to issue will reduce the expected borrowing cost if the yield curve reflects a risk premium for inflation. In the United Kingdom, indexed bonds are also used to extract inflationary expectations and thus to guide monetary policy. The bonds will...

Originally appeared in the Federal Reserve Bank of New York Quarterly Review, Autumn 1977

a speech at the Symposium on Liquidity of the National Association of Accountants, New York City, October 30, 1975

originally appeared in the Federal Reserve Bank of Philadelphia Business Review, July/August 1977, p. 3-12

Originally appeared in the Federal Reserve Bank of St. Louis Review, January 1975

Speech at the M.B.A. graduation exercises of the Fordham Graduate School of Business, New York City, June 28, 1978

Originally appeared in the Federal Reserve Bank of Richmond Economic Review, Sept/Oct 1977

Originally appeared in the Federal Reserve Bank of Philadelphia Business Review, May 1975. p. 19-31

Inflation is often assumed to affect all people in the same way. In practice, differences in spending patterns across households and differences in price increases across goods and services lead to unequal levels of inflation for different households. In this paper, we measure the degree of...