Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been … remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s … observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the …

-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including … the failure of high total unemployment since 2008 to reduce inflation greatly. The fit of our equation is especially good … general Phillips curve in which core inflation depends on short-term unemployment and on expected inflation as measured by the …

This paper reviews the "Austrian" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His … theory claimed that credit creation by monetary authorities would push investment beyond society's long-term willingness to … save, creating a mismatch between supply and demand that would inevitably cause recession. The theory argued, moreover …

a technology shock, into contributions of output, inflation, interest rates, and other observed variables' contribution …

business cycle variance and about 25 percent of the variance of inflation. …

measures had an impact on housing price inflation. Our evidence suggests that some—but not all—measures did have an impact …