choice of the inflation index stabilized by the central bank and on whether the tax shift is anticipated …

We consider three ways that a monetary policy framework may employ a range for inflation outcomes: (1) ranges that … acknowledge uncertainty about inflation outcomes (uncertainty ranges), (2) ranges that define the scope for intentional deviations … of inflation from its target (operational ranges), and (3) ranges over which monetary policy will not react to inflation …

Most wage-contracting models with rational expectations fail to replicate the persistence in inflation observed in the … data. We argue that coordination problems and multiple equilibria are the keys to explaining inflation persistence. We … thus rational. Based on quarterly U.S. data over the period 1955-2000, we find evidence that inflation is more persistent …

literature, cannot explain the persistence observed in actual inflation. We argue that one of the more prominent alternative … generates inflation persistence, but this is a consequence of their assuming that workers care about the past real wages of … obtains the standard formulation with no inflation persistence …

Using daily inflation data from the Billion Prices Project [Cavallo and Rigobon (2016)], we show how temporal … private agents and the central bank (the “Fed information effect”). We find that the adverse response of daily inflation to … and an unobserved components model of inflation dynamics. To reconcile how one can obtain a sizable adverse response with …

Recently, the experience of the 1960s—when the U.S. inflation rate rose rapidly and persistently over a comparatively … short period—has been invoked as a cautionary tale for the present. An analysis of this period indicates that the inflation …

We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …

Since Kydland and Prescott (1977) and Barro and Gordon (1983), most studies of the problem of the inflation bias …-quadratic approach to the problem in favor of a projection method approach. We investigate the size of the inflation bias that arises in … a microfounded nonlinear environment with Calvo price setting. The inflation bias is found to lie between 1% and 6% for …

Inflation-indexed securities would appear to be the most direct source of information about inflation expectations and … real interest rates" (Bernanke, 2004). In this paper we study the term structure of real interest rates, expected inflation … and inflation risk premia using data on prices of Treasury Inflation Protected Securities (TIPS) over the period 2000 …