very powerful impact on today's consumption and inflation: because agents are partially myopic, this effect is muted. (v … "neo-Fisherian" in the long run, but Keynesian in the short run: a permanent rise in the interest rate decreases inflation …

rate together with QE or fiscal transfers, can stabilize three targets simultaneously: inflation, the aggregate output gap …

does not tighten monetary policy. Imported energy inflation can spill over to wage inflation through a wage-price spiral …, but this does not mitigate the decline in real wages. Monetary tightening has limited effect on imported inflation when …

unique survey-based measures of expected inflation, output growth, and interest rates, we estimate a small-scale New … guidance less effective. In a counterfactual analysis, we document that inflation would have been significantly higher, and the … public perceived central bank forward guidance statements to be perfectly credible. Moreover, inflation would have declined …

inflation. In the 2000s, and at least until the end of 2007, even larger increases in the price of oil were associated with much … milder movements in output and inflation. Using a structural VAR approach Blanchard and Gali (2007a) argued that this has … reflected in large part a change in the causal relation from the price of oil to output and inflation. In order to shed light on …