Do "real" assets protect against inflation? Core inflation betas of stocks are negative while energy betas are positive …; currencies, commodities, and real estate also mostly hedge against energy inflation but not core. These hedging properties are … reflected in the prices of inflation risks: only core inflation carries a negative risk premium, and its magnitude is consistent …

Sovereign borrowing during inflation surges is a litmus test of a government's ability to withstand and navigate … inflation surges and how policy practices affect their ability to weather inflation shocks. We find that governments rely more … on foreign-currency debt from foreign investors during periods of high inflation. This pattern is particularly prevalent …

devaluations within the context of a surge in inflation and a fall and subsequent recovery of real labor income. To better …

economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged … inflation and the pre-Accord peg. In this counterfactual, debt/GDP declines only to 74% in 1974, not 23% as in actual history …

explosion of inflation during his administration (above 1,500% on a six-month annualized measure) was predictable, and that the … that the combination of runaway inflation, shortages, and black markets generated major disaffection among the middle class …

We measure the heterogeneous welfare effects of the recent inflation surge across households in the Euro Area. A simple … framework illustrating the numerous channels of the transmission mechanism of surprise inflation to household welfare guides our …; (ii) this inflation episode resembles an age-dependent tax, with the elderly losing up to 20%, and roughly half of the 25 …

We study the redistributive effects of inflation combining administrative bank data with an information provision … experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are … concerned about its impact on their wealth; yet, while many households know about inflation eroding nominal assets, most are …

We document how supply-chain pressures, household inflation expectations, and firm pricing power interacted to induce … the pandemic-era surge in consumer price inflation in the euro area. Initially, supply-chain pressures increased inflation … through a cost-push channel and raised inflation expectations. Subsequently, the cost-push channel intensified as firms with …