Do "real" assets protect against inflation? Core inflation betas of stocks are negative while energy betas are positive …; currencies, commodities, and real estate also mostly hedge against energy inflation but not core. These hedging properties are … reflected in the prices of inflation risks: only core inflation carries a negative risk premium, and its magnitude is consistent …

devaluations within the context of a surge in inflation and a fall and subsequent recovery of real labor income. To better …

Sovereign borrowing during inflation surges is a litmus test of a government's ability to withstand and navigate … inflation surges and how policy practices affect their ability to weather inflation shocks. We find that governments rely more … on foreign-currency debt from foreign investors during periods of high inflation. This pattern is particularly prevalent …

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 …

We study how investors respond to inflation combining a customized survey experiment with trading data at a time of … historically high inflation. Investors' beliefs about the stock return-inflation relation are very heterogeneous in the cross … section and on average too optimistic. Moreover, many investors appear unaware of inflation-hedging strategies despite being …