The rise, fall, and stabilization of US inflation between 1969 and 2005 is consistent with a model of shifting policy regimes that features a forward-looking New Keynesian Phillips curve, policymakers that can or cannot commit, and private sector learning about policymaker type. Using...

A parsimonious model of shifting policy regimes can simultaneously capture expected and actual US inflation during 1969-2005. Our model features a forward-looking New Keynesian Phillips curve and purposeful policymakers that can or cannot commit. Private sector learning about policymaker type...

In this paper, we employ the Trace Enhanced database to investigate the intraday pattern in the US corporate bond market. We find that there is intraday reversal in the cross-sections of bond returns based on half-hour intervals. Regardless of the volume, order imbalance, ratings, and liquidity,...