economic performance under inflation targets, and arguments that the flexible exchange rate has undermined real economic …

-switchingDSGE model. We evaluate the relative contribution of each narrative to the explanation ofthe Great Inflation and the Great …

In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a … to inflation and the output gap, we show that the empirically observed changes in U.S. inflation-gap persistence during … Benati’s (2008) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …

In a simple New Keynesian model, we derive a closed form solution for the inflation persistence parameter as a function … inflation and the output gap, we show that the empirically observed changes in U.S. inflation persistence during the period 1975 …) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …

We examine both the degree and the structural stability of inflation persistence at different quantiles of the … conditional inflation distribution. Previous research focused exclusively on persistence at the conditional mean of the inflation … rate. As economic theory provides reasons for inflation persistence to differ across conditional quantiles, this is a …

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 …

We examine both the degree and the structural stability of inflation persistence at different quantiles of the … conditional inflation distribution. Previous research focused exclusively on persistence at the conditional mean of the inflation … rate. As economic theory provides reasons for inflation persistence to differ across conditional quantiles, this is a …

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 …

We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …