expected inflation. The inability of the Fed to maintain a credible commitment to low interest rates in the face of increased … government spending and rising inflation led to the Fed-Treasury Accord of March 1951. Following the Accord, the external …

any precision. This paper offers the first analysis ofthat role using data since 1890 for Canada, Japan, and the United …

attention to the effect of the U.S.-Canada free trade agreement on market integration. Our conclusions are unchanged: markets in … the U.S. and Canada are more segmented than can be explained by the physical distance between the two locations. Formal …

We survey the recent experiences of three industrial countries -- New Zealand, Canada, and the United Kingdom -- that … have announced specific targets for inflation. Despite success on the part of the targeting central banks in attaining … their inflation goals thus far, bond yields suggest that long-term inflation expectations for these countries persistently …

potentially nonlinear effects of inflation on economic growth. We find that inflation is associated with significantly lower … effects of inflation on economic growth. We also document significant variation in the effect of inflation on growth across …

groups in the dispersion of household-specific rates of inflation. Using survey data on inflation expectations, I show that … demographic groups with greater dispersion in experienced inflation also disagree more about future inflation. I argue that these … results can be rationalized from the perspective of an imperfect information model in which idiosyncratic inflation experience …