predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and procyclical wages after …

the inflation rate respond to four different hypothetical exogenous shocks: a monetary policy shock, a government spending … predictions of changes in inflation are at odds with those of experts both for the tax shock and the interest rate shock. We show … shock, an income tax shock, and an oil price shock. While expert predictions are quantitatively close to benchmarks from …

of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …

combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary …

' inflation aversion and exit costs. …

depend on the particular characteristics of the shocks and the economic structure. In the case of a common shock, fiscal …

strength of upstream and downstream effects. Tariffs raise inflation no matter what, but how persistently they do so also …