The dominant view of inflation holds that it is macroeconomic in origin and must always be tackled with macroeconomic … tightening. In contrast, we argue that the US COVID-19 inflation is predominantly a sellers' inflation that derives from … trying to fend off real wage declines in the conflict stage. We argue that such sellers' inflation generates a general price …

In Canada, targeting the inflation rate was intended as a temporary measure on a journey to price-level stability, but … account, changing beliefs about the stability or otherwise of ongoing inflation, the capacity of a flexible exchange rate to … inflation targeting arrived on the scene only after the Canadian regime was well established. …

This paper studies the effect of monetary policy on inflation along the income distribution in several euro area …. On the one hand, different consumption shares imply that inflation by high-income households responds less to monetary … its reaction to monetary policy, which imply that inflation by high-income households responds more to monetary policy. …

homogeneous MPC rates. Consumption inequality is countercyclical in this setting and a high degree of leverage amplifies the …

on aggregate demand is amplified in this setup by inequality between saver and hand-to-mouth households. The …