, inflation, and the federal funds rate from VAR models with stochastic volatility. The model of interest extends the steady state …. However, recent sharp changes in macroeconomic volatility such as the Great Moderation and the more recent sharp rise in … volatility associated with greater variation in energy prices and the deep global recession pose significant challenges to …

volatility. The long-horizon forecasts suggest only one inflation wave, that of the 20th century. We also use the model to …Historians have suggested there were waves of inflation or price revolutions in the UK (and earlier England) in the 13 …th, 16th, and 18th centuries, prior to the ongoing inflation since 1914. We study retail price inflation since 1251 and …