variables also significantly reduce inflation in both the short and long run. Given the actual changes in these factors in the … inflation in the latter half of the last decade …

currently available in the United States offer fixed nominal payouts, rather than an inflation-linked payout stream. After … U.S. private annuity markets provide retirees with inflation-protected retirement income flows. Although there is … effectively no market yet for inflation-indexed annuities in the United States, such products are available in other countries …

We explore a hypothesis about the take-off in inflation that occurred in the early 1970s. According to the expectations … trap hypothesis, the Fed was pushed into producing the high inflation out of a fear of violating the public's inflation … expectations. We compare this hypothesis with the Phillips curve hypothesis, according to which the Fed produced the high inflation …