Inflation in 2021 and 2022 grew much faster than the Federal Reserve expected. The Fed downplayed inflation in 2021 and …

, through the New Keynesian Phillips Curve, lower inflation. While the proposed model does a good job at matching the observed …

. Inflation is projected to accelerate only gradually – modest levels of core inflation are largely due to structural factors and …

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. …

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