innovations, and negatively correlated with inflation innovations. The disinflationary nature of news shocks is consistent with …

fluctuations associated with these events are also discussed, as is their role in the recent surge of inflation, with a particular …

A standard statistical perspective on the U.S. Great Inflation is that it involves an increase in the stochastic trend … rate of inflation, defined as the long-term forecast of inflation at each point in time. That perspective receives support …, and statistical studies of U.S. inflation dynamics. We show that a textbook macroeconomic model delivers such a stochastic …

We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …

This paper surveys the literature since 1993 on pseudo out-of-sample evaluation of inflation forecasts in the United …

account. We find that historical adjustment of eligibility ages for age inflation would have increased ages of eligibility by …

We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first …

for the unemployment-inflation tradeoff and for the conduct of monetary policy.lt;brgt;lt;brgt;We proceed in two steps. We … staggered price setting by firms. We derive the relation between inflation and unemployment and discuss how it is influenced by … the presence of labor market frictions and real wage rigidities. We show the nature of the tradeoff between inflation and …