-price changes, and an index of equiproportional changes in all inflation rates, that we label "pure" inflation. The paper estimates … changes to fundamental economic shocks. We use the estimates of the pure inflation and aggregate relative-price components to … answer two questions. First, what share of the variability of inflation is associated with each component, and how are they …

inflation in response to exogenous movements in monetary policy and productivity. In this model, disinflations and productivity … examine U.S. time series and find that, as the model predicts, unemployment fluctuations are associated with both inflation …

shocks have their maximum impact on inflation with a substantial delay. Third, the change in inflation is positively …

This paper shows that conventional measures of cost-of-living inflation, based on static models of consumption, suffer …

-expected inflation can lower the real value of outstanding government debt. Looking forward, we derive a formula for the debt burden that …-adjusted probability distributions for inflation at different horizons. The estimates suggest that it is unlikely that inflation will lower … the US fiscal burden significantly, and that the effect of higher inflation is modest for plausible counterfactuals. If …