Over the past forty years, U.S. inflation has exhibited highly persistent movements. Moreover, these shifts in … inflation have typically had real consequences, implying a "sacrifice ratio," whereby disinflations are typically associated … with recessions and persistent increases in inflation often associated with booms. One hypothesis about the source of the …

inflation and on unemployment. This relationship can be motivated by the existence of the Taylor rule. Using micro survey data … mainly driven by disagreement on inflation. Exploring further determinants, we confirm that central bank transparency as well …

-price changes and the extent to which the fraction of price changes increases with inflation in the U.S. time-series. Though the …