Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained …

Global inflation has risen sharply from its lows in mid-2020, on rebounding global demand, supply bottlenecks, and … soaring food and energy prices, especially since the Russian Federation's invasion of Ukraine. Markets expect inflation to … developments, the risk of stagflation-a combination of high inflation and sluggish growth-has risen. The recovery from the …

-cyclical and that its reaction to shocks is state-dependent. In particular, following a negative productivity shock, when aggregate …, we study the implications of different inflation regimes on the racial unemployment gap. Higher trend inflation increases …

This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The … persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker's disinflation (1979-1982). My … the behavior of inflation expectations-agents expected shocks to persist in the pre-Volcker period, but not in the post …

area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more forceful when … inflation was above 2% than below 2%. Since then, the ECB's policy can be characterised as symmetric, and we quantify the … bound and a low neutral real rate, and find that it prescribes a stronger response to inflation and the output gap when …

inflation in the durable goods sector. We then analyze the optimal Taylor rule for this economy. If the monetary authority wants … to stabilize the aggregate output gap, it places much more emphasis on stabilizing durable goods inflation (relative to … its share of value-added in the economy). In contrast, if the monetary authority values stabilizing aggregate inflation …

switch from exchange rate to inflation targeting and adoption of a policy rule for the use of petroleum revenues.We find that … the long-run means of CPI and core inflation rates declined significantly until the mid-1990s and have since then remained … close to the inflation target of 2.5% from 2001 onwards. The persistence in especially CPI inflation has fallen during the …

-have been carried out at no cost to output. After suggesting a new methodology that allows for long-lived effects and inflation … combination of circumstances-i.e. capital inflows, structural reforms and the peculiar recent inflation history-can explain that …

doubt on the expectations theory of inflation control. We present evidence that suggests there is currently little danger …This paper examines the recent increase of the measured inflation rate to assess the degree to which the acceleration … pandemic relief. Some have attributed the inflation to excess demand, most notably Larry Summers, who had warned that the …