inflation rate. Evidence is also presented that suggests prices are being driven by increases in the money supply rather than by … changes in price setting behaviour. The paper additionally uses the estimated elasticity on the inflation variable to … dramatically after 2000, with inflation eventually exceeding the rate required to maximize this revenue stream. This is discussed …

Our current inflation stemmed from a fiscal shock. The Fed is slow to react. Why? Will the Fed's slow reaction spur … more inflation? I write a simple model that encompasses the Fed's mild projections and its slow reaction, and traditional … views that inflation will surge without swift rate rises. The key question is whether expectations are forward looking or …

actions, especially government spending, were critical in the pre-Volcker inflation build-up. …

actions, especially government spending, were critical in the pre-Volcker inflation build-up. …

The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … determines the path of expected inflation, while news about the present value of surpluses drives unexpected inflation. I use … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long …