generate substantial inflation. Such a shock induces an equilibrium decline in the relative price of services. If price … increase in goods prices, resulting in, on net, little inflation. If prices in the services sector are downwardly rigid …, however, this takes place mostly through an increase in goods prices, resulting in inflation. To illustrate the relevance of …

Historically, inflation is negatively correlated with stock returns, leading investors to fear inflation. We document … cornerstone of modern macroeconomic theory. …

relating unemployment and vacancies to inflation, the link between these labor market indicators and inflation depends on …

their income. Even though CPI inflation targeting approximates optimal monetary policy when financial inclusion is high …

Survey of Professional Forecasters as a measure of price setters' inflation expectations. This model improves upon existing … perfect information models in explaining why, in the data, inflation expectations respond with delays to monetary impulses and …, explaining why inflation and inflation expectations were so persistently heightened. The signaling effects of monetary policy …

central bank transparency. Monetary policy can deviate from active inflation stabilization and agents conduct Bayesian … welfare declines. Announcing the future policy course raises uncertainty in the short run by revealing that active inflation …