Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the … first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994 … crisis in the early 1980s. We show that the high-inflation period (1960-1994) was characterized by a combination of fiscal …

socially desirable. I consider an environment with dispersed information and two aggregate shocks: a productivity shock and a … "news shock" which affects aggregate beliefs. Neither the central bank nor individual agents can distinguish the two shocks …

to which the leading shock candidates can explain fluctuations in output and hours. It concludes that we are much closer …

does not tighten monetary policy. Imported energy inflation can spill over to wage inflation through a wage-price spiral …, but this does not mitigate the decline in real wages. Monetary tightening has limited effect on imported inflation when … demand. Fiscal policy, especially energy price subsidies, can isolate individual energy importers from the shock, but it has …

Our current inflation stemmed from a fiscal shock. The Fed is slow to react. Why? Will the Fed's slow reaction spur … high real interest rates. Price stickiness means inflation will persist past an initial shock. To reduce inflation, fiscal … more inflation? I write a simple model that encompasses the Fed's mild projections and its slow reaction, and traditional …

What accounts for inflation after 2008? We use the prominent pre-crisis Smets-Wouters (2007) model to address this … question. We find that due to price markup shocks alone inflation would have been 1% higher than observed and 0.5% higher that … responsible for the slow recovery of employment, though not for the initial drop. Monetary policy shocks predict an inflation rate …

external instruments produce responses in output and inflation consistent with both textbook theory and conventional monetary …

appointment of Volcker marked a change in the conduct of monetary policy, but inflation dropped only when fiscal policy … accommodated this change two years later. In fact, a disinflationary attempt of the monetary authority leads to more inflation if … been confident about the switch, the Great Inflation would not have occurred and debt would have been higher. This is …