spell durations. Second, we derive a sufficient statistic for the aggregate effect of a monetary shock: given an arbitrary … generalized hazard function, the cumulative impulse response to a once-and-for-all monetary shock is given by the ratio of the …

the world economy. We analyze the impact of the advent of fracking on the volatility of oil prices. Our model predicts a …We use a new micro data set to estimate a stochastic industry-equilibrium model of the oil industry. This effort is a … first step towards studying the importance of ongoing structural changes in the oil market in a general-equilibrium model of …

that, after monetary policy announcements, the conditional volatility rises more for firms with stickier prices than for …

response of prices is pinned down by three parameters: the precision of available information about the nominal shock; the …-order beliefs, or the agents' forecasts of inflation. We highlight the distinct role of higher-order beliefs with three extensions …

for the persistence and volatility of "reset price inflation." Reset price inflation is the rate of change of all desired … construct an empirical measure of reset price inflation. We find that time-dependent models imply unrealistically high … persistence and stability of reset price inflation. This discrepancy is exacerbated by adding strategic complementarities, even …

inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after … an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average …

rigidities impede policymakers' ability to control inflation. And third, we describe how alternative shock/rigidity combinations … monetary policymaking. First, we discuss why trimmed means provide the best measure of core inflation. Second, we outline how … create inflation's grease (whereby it improves economic efficiency by speeding adjustment) and sand effects (whereby it …

inflation, with emphasis on the role of oil shocks and accommodative monetary policy. The model features oil as a complementary … inflation surge that began in mid 2021. We show that mainly accounting for this surge was a combination oil price shocks and … quantitative impact of the oil price shock is a low elasticity of substitution between oil and labor, which we estimate to be the …

This paper surveys the history of the oil industry with a particular focus on the events associated with significant … changes in the price of oil. Although oil was used much differently and was substantially less important economically in the … post-World-War-II oil shocks reviewed include the Suez Crisis of 1956-57, the OPEC oil embargo of 1973-1974, the Iranian …