public finances. We show that when the ECB misses its inflation target this has large heterogeneous fiscal consequences for … missing their inflation targets. They are also sizeable …

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 …

inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due … bank inflation targets. As the effects of supply shocks have subsided, tight labor markets, and the rises in nominal wages …, have become relatively more important sources of inflation in many countries. In several countries, including the United …

The standard measure of core or underlying inflation is the inflation rate excluding food and energy prices. This paper … constructs an alternative measure, the weighted median inflation rate, for 38 advanced and emerging economies using subclass …, and more closely related to headline inflation over the next year. The weighted median also has a drawback: in most …

We show that, in a broad class of menu cost models, the dynamics of aggregate inflation in response to arbitrary shocks …

Unemployment is low and inflation is falling, but consumer sentiment remains depressed. This has confounded economists … official inflation are strongly correlated with borrowing costs and consumer credit supply. Concerns over borrowing costs … alternative measures of inflation that include borrowing costs and can account for almost three quarters of the gap in US consumer …

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 study the redistributive effects of inflation combining administrative bank data with an information provision … experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are … concerned about its impact on their wealth; yet, while many households know about inflation eroding nominal assets, most are …

To what extent is the recent spike in inflation driven by a change in its permanent component? We estimate a semi …-structural model of output, inflation, and the nominal interest rate in the United States over the period 1900-2021. The model predicts … that between 2019 and 2021 the permanent component of inflation rose by 51 basis points. If instead we estimate the model …