, these preferences fail to generate observed inflation inertia and output persistence after a monetary policy shock …

flows can have different rates of return; and (iii) an increase in inflation raises asset prices, lowers their returns, and … widens the rate-of-return differences between assets. On the normative side we show that there is a range of inflation rates …

during the Fed׳s first 100 years: the post-World War I deflation, the deflation of the Great Depression, the inflation of … World War II, and the Great Inflation of the 1970s. In terms of their macroeconomic impacts, I find that deflation was … War II was in debasing debt through inflation. I find that the main drivers of the 1970s economy were long-run changes in …

would happen if assumptions are changed so inflation have redistribution effects. Evidence on nominal positions suggests …