in inflation. Coincident with these trends has been a surge in U.S. wealth inequality, with the Gini coefficient up by 0 …, this paper differs from previous work by focusing on only the direct effects of interest rate changes and inflation on the …

for inflation dynamics …

Our current inflation stemmed from a fiscal shock. The Fed is slow to react. Why? Will the Fed's slow reaction spur … more inflation? I write a simple model that encompasses the Fed's mild projections and its slow reaction, and traditional … views that inflation will surge without swift rate rises. The key question is whether expectations are forward looking or …

collapse of the Bretton Woods system between 1971 and 1973 was rising U.S. inflation since 1965. It was driven in turn by … imports and a ninety day wage price freeze--was that U.S. inflation, driven by macro policies, was the main problem facing the … Federal Reserve Chairman Arthur F. Burns, Nixon adopted wage and price controls to mask the inflation, hence punting the …

108.6 percent. Inflation reduced this ratio about 40 percent within a decade. Yet there are some important differences … inflate. It suggests that when economic growth is stalled, the U.S. debt overhang may trigger an increase in inflation of … about 5 percent for several years. This additional inflation would significantly reduce the debt ratio, even with some …

We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …

-sample estimation. In contrast to Orphanides (2002, 2003), I find that the Fed's response to the real-time forecast of inflation was … (2000). However, the response to inflation was strong before 1973 and gradually regained strength from the early 1980's …

successful at describing the history of U.S. inflation. Motivated by these observations, I ask: Can we understand the history of … U.S. inflation using a framework that ignores monetary frictions? The fiscal theory of the price level allows us to … history of U.S. inflation with a fiscal-theory, frictionless view. I show how the fiscal theory can accommodate the stylized …