It has been widely argued that inflation persistence since WWII has been widespread and durable and that it can only be …

optimal policy is to reduce the real rate by generating inflation expectations. This is achieved by committing to increase …’, i.e., average output and inflation turn out to be higher than their target values. Calibrating the model to the US … economy we find that the quantitative importance of the average effects on output and inflation are negligible. Moreover, the …

pronounced increase of aggregate US producer price inflation. …

countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …

of this margin of adjustment for the response of inflation to shocks. Across a range of empirical exercises, we find …

networks. Starting with country-level data, we find that both producer price and consumer price inflation rates move more …

employment in peripheral Europe could be restored by raising the Euro-area annual rate of inflation to about 4 percent for the …

U.S. retail food price increases in recent years may seem large in nominal terms, but after adjusting for inflation …

contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high … incomes experience guilt. The former seek to raise their income, and latter seek to reduce it. The greater the inflation rate …, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a significant …