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 …

direct lump-sum taxes to a mix of direct and inflation taxes; and (3) evaluate the empirical trade-offs implied by the … deficits predict inflation. I assess the fit of versions of the model to U.S. data and reinterpret existing reduced …

This paper asks whether an aggressive monetary policy response to inflation is feasible in countries that suffer from …. But following such rules results in extremely volatile inflation. This leads to very frequent violations of the zero lower … to inflation is highly negative, and more aggressive inflation fighting is inferior from a welfare point of view. The …