Conjectures about inflation expectations are inextricably linked to our understanding of the relationship between the … therefore examines the empirical properties of inflation expectations data constructed on the basis of both qualitative and … provides some insights into the nature of the interaction between monetary policy and inflation expectations. …

contribution of fluctuations in inflation to this particular link. In the data, a temporary rise in inflation causes real commodity … prices to rise, as does a rise in trend inflation. We find that a simple dynamic equilibrium model of commodity supply and … demand gives a realistic response of real commodity prices to inflation. Based on historical simulations, shocks to inflation …

-price model with firm-level productivity growth fits this data and predicts that the optimal long-run inflation rate is positive … long-run inflation near zero. Despite positive long-run inflation, the Taylor principle ensures determinacy in the model … with firm-level productivity growth, and optimal inflation stabilization policies are standard. In a two-sector extension …

–have crucial implications for the design of monetary policy and for the welfare costs of output and inflation variability. Recent … implications for the welfare costs of steady-state inflation and inflation volatility, and we show that these considerations have … dramatic consequences in assessing the relative price distortions associated with the Great Inflation of 1965-1979. …

implications for monetary policy as the central bank has to decide which inflation rate to target. Our results demonstrate that …

1980s. Based on the timing of observed fluctuations in interest rates, inflation, and productivity, it appears that the …

provide the most precise forecasts for a set of eleven core macroeconomic variables, including GDP growth and CPI inflation …

to match past inflation. However, the present paper proposes a much larger effect by using the job finding rate as the …

inflation downward. Debt deflation further depresses consumption, labor demand, and investment, altogether generating a sharp …