A stylized fact of US inflation dynamics is one of extreme persistence and possible unit root behavior. If so, the … representation of the inflation process, the nonlinear ESTAR, rather than the IMA process with time-varying parameters as in Stock … Reserve inflation targets. We address the issue of whether the source of the Great Moderation can be ascribed to good luck …

aggregates. The data show that periods of increased inflation uncertainty are associated with substantial reductions in total …

This paper presents a political economy model of inflation as a result of social conflict. Agents are heterogeneous in … terms of income. Agents’ income levels determine their ability to hedge against the effects of inflation. The interaction of … model makes a number of predictions concerning which environments are conducive to the emergence of inflation. Inflation …

inflation is low. Despite the substantial numbers of individuals whose nominal wages fall from one year to the next, we find … that if long-run inflation is one percent higher, the number of individuals with negative real pay growth increases by …

evidence that credit shocks constitute shocks to aggregate supply in that they have a permanent effect on output and cause … inflation to rise in the short term. Our results also suggest that the effects on aggregate supply have grown stronger in recent …

potentially lower shoe-leather costs and lower menu costs which are made possible by the its introduction. There are also output …

sustainable output or employment growth. Financial stability refers to (1) the absence of asset price bubbles, (2) the prevention …