public finances. We show that when the ECB misses its inflation target this has large heterogeneous fiscal consequences for … missing their inflation targets. They are also sizeable …

strongly inflation averse Federal Reserve Bank. Results for U.S. interest rates, output, and inflation over 1965-1999 are …

’ inflation expectations to their own lagged forecasts as well as proxies for the rational expectation forecasts. The model builds … expectations updating rule which consumers use to incorporate new information in their experience and take seriously heterogeneity … in inflation expectations extensively documented in the literature. We estimate the model using data from two important …

1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … that the Bundesbank – which is near-universally credited for sparing West Germany the Great Inflation – would also not have … been able to prevent the Great Inflation in the United States. The sheer implausibility of this result sounds a cautionary …

with inflation performance. …

with inflation performance. …

inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …

linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …