What are the macroeconomic consequences of a government that is limited in its willingness or ability to raise primary surpluses, and a central bank that accommodates its interest-rate policy to the fiscal conditions? I address this question in a dynamic stochastic sticky-price model with...

Introduction -- Chapter 1: Back to the future – The return of inflation in the 2020s -- Chapter 2: Fundamentals – A primer on what drives inflation -- Chapter 3: The US – Pandemic recovery and fiscal bazooka -- Chapter 4: Europe – Same, same, but different -- Chapter 5: Asia – This...