not. However, he assumes that agents can directly observe the monetary policy shock. Reversing this assumption, I find the … that a threat by the Fed to move to an "unlearnable" equilibrium for all but one value of inflation is a poor foundation …

not. However, he assumes that agents can directly observe the monetary policy shock. Reversing this assumption, I find the … that a threat by the Fed to move to an "unlearnable" equilibrium for all but one value of inflation is a poor foundation …

does not tighten monetary policy. Imported energy inflation can spill over to wage inflation through a wage-price spiral …, but this does not mitigate the decline in real wages. Monetary tightening has limited effect on imported inflation when … demand. Fiscal policy, especially energy price subsidies, can isolate individual energy importers from the shock, but it has …

helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price …