The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … determines the path of expected inflation, while news about the present value of surpluses drives unexpected inflation. I use … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long …

inflation …

inflation during the first quarter of the 21st century, yielding important insights for central banking. Price stability has … involves a credible commitment to a nominal anchor with a strong response to inflation and pre-emptive leaning against an … them to stabilize both inflation and economic activity …

monetary policymakers have objectives over unemployment and inflation outcomes that are not well-approximated through a … long-run inflation and unemployment goals. The trade-off between the resultant downward tilts in unemployment and inflation …

. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust … on the extent to which this new outreach does in fact affect inflation expectations and trust. On balance, we see some …