misattribute higher prices to higher markups; they perceive transactions as less fair, which increases the price elasticity of … their demand for goods; firms respond by reducing markups; in equilibrium, output increases. By raising perceived markups …

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 …

inflation to rise in the short term. Our results also suggest that the effects on aggregate supply have grown stronger in recent …

We study the repeal of a regulation that imposed maximum wholesale and retail markups for all but five fresh fruits and …