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 …

ZLB constraints, the anticipation of future ZLB episodes creates a trade-off between inflation and output stabilization …. As a consequence, inflation systematically falls below target even when the policy rate is above zero. A conservative …

to model and shock misperceptions, and parameter uncertainty. Targeting inflation in both consumer and intermediate goods …

This paper uses the historical narrative record to determine whether inflation expectations shifted during the second … and the forecasts of contemporary business analysts, we show that inflation expectations increased dramatically. Second …, using an event-studies approach, we identify the impact on financial markets of the key events that shifted inflation …