This paper reexamines the Phillips and Beveridge curves to explain the inflation surge in the U.S. during the 2020s. We … five other inflation surges over the past 111 years where the Beveridge threshold was breached. We define a Beveridge …

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 …

other. In the standard model, inflation and output rise after interest rates rise, with only the possibility of a one …-time downward jump. With the generalized Lucas Phillips curve, inflation is initially unstable, so a small initial disinflation …

The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth … seeks to restore low inflation …

larger than other demographic differences in trust, but do not explain the large partisan gap in inflation expectations in … Republican President was elected and took office. Yet, Republicans had much lower inflation expectations than Democrats … considering how inflation will evolve …

When Federal Reserve districts experience high inflation or low unemployment but lack voting rights to influence FOMC …

The US and other advanced countries suffered bursts of severe inflation in 2021 and the first half of 2022, followed by … declines of inflation later in 2022, in some countries. In times of high volatility of price determinants--cost and … productivity--inflation can jump upward and fall downward at high speed, contrary to the uniformly sticky behavior associated with …