inflation in the 2020s. Economic slack is measured as firms' job vacancies over the number of unemployed workers. After showing …. Policy implications include the thesis that appropriate monetary policy can bring inflation down without a significant …

This paper provides new evidence on a long-standing question asked by Shiller (1997): Why do we dislike inflation? I … inflation and their reactions to it. The predominant reason for people's aversion to inflation is the widespread belief that it …-income groups. Inflation also provokes stress, emotional responses, and a sense of inequity, as the wages of high-income individuals …

reacting to them to ensure that inflation expectations remain anchored. In this paper, we propose a tractable framework to … inflation occurs through re-anchoring of expectations rather than economic slack. We also discuss risks and why policy errors in …

affects how agents learn from new information. We show that as inflation has recently risen in advanced economies, both … households and firms have become more attentive and informed about inflation, leading them to respond less to exogenously … provided information about inflation and monetary policy. We also study the effects of RCTs in countries where inflation has …

social welfare. Monetary policy is delegated to a central bank with an anti-inflation bias that suffers from a lack of … (dovishness), a marginal increase in the central bank's anti-inflation bias decreases (increases) debt issuance …

inflation strongly and persistently, (ii) lead to statistically weak negative effects on activity, (iii) contributed to … having a stronger effect on inflation expectations. Quantitatively, increasing political pressure by half as much as Nixon …

explosion of inflation during his administration (above 1,500% on a six-month annualized measure) was predictable, and that the … that the combination of runaway inflation, shortages, and black markets generated major disaffection among the middle class …

We empirically characterize episodes of large inflation surges that have been observed worldwide in the last three … decades. We document four facts. (1) Inflation following surges tends to be persistent, with the duration of disinflation … exceeding that of the initial inflation increase. (2) Surges are initially unexpected but followed by a gradual catch-up of …

, demand shocks, and monetary policy are the fundamental drivers of inflation. Endogenously time-varying risk premia imply that …