by the announcement of inflation targeting in 1991 when estimating the effects of monetary policy. For instance, we find …

-kinked demand schedule for goods produced by firms. Our model can jointly account for the modest decline in inflation during the … Great Recession and the surge in inflation post-COVID-19. Because our model implies a stronger transmission of shocks when … inflation is high, it generates conditional heteroskedasticity in inflation and inflation risk. Hence, our model can generate …

In this paper, the authors propose a measure of underlying inflation for Canada obtained from estimating a monthly … distort the signal in many other measures of underlying inflation, and appears to capture price movements that are indicative … measures of underlying inflation monitored by the Bank of Canada. …

While two strands of the literature suggest that PPI inflation, in addition to or instead of CPI inflation, should be a … temporary, the standard monetary policy rule that does not target the PPI inflation may have become increasingly problematic. …

inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …

output and inflation, as observed in a vectorautoregression analysis. In contrast to backward indexation to past inflation …, which is often assumed in the literature, sticky information leads to a hump-shaped response in the inflation of flexibly …