Ever since the end of the Great Recession, the U.S. economy has experienced a period of mild inflation, which … contradicts with the output-inflation relationship depicted by a traditional Phillips curve. This paper examines how the permanent … output loss during the Great Recession has affected the ability of the Phillips curve to explain U.S. inflation dynamics. We …

Low and unresponsive inflation has been termed a “puzzle.” The paper describes a formula for which these conditions … variability of forward long-term inflation. Its U.S. inflation forecasts are comparable to recognized leaders in accuracy with … potential applicability to international economies as well.Inflation Elasticity, the responsiveness of inflation to monetary …