The dominant view of inflation holds that it is macroeconomic in origin and must always be tackled with macroeconomic … tightening. In contrast, we argue that the US COVID-19 inflation is predominantly a sellers' inflation that derives from … trying to fend off real wage declines in the conflict stage. We argue that such sellers' inflation generates a general price …

on aggregate demand is amplified in this setup by inequality between saver and hand-to-mouth households. The …

contribution of the various channels through which monetary policy affects inequality, I estimate the model using Bayesian methods … inequality within the lower 90 percent of the wealth distribution, primarily by lowering unemployment. On net, it reduced overall … wealth and income inequality, as measured by the Gini index. Surprisingly, QE has weaker distributional consequences compared …