found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

This paper develops a small model of the output-inflation process in the United States in order to examine the … interest rates respond contemporaneously to output and inflation and a forward-looking policy rule that exploits information … model of inflation where positive deviations of aggregate demand from potential are more inflationary than negative …

endogenously over time. The rise of services dampens the responses of aggregate and sectoral inflation rates to a monetary policy … shock. The changes in the responses of sectoral inflation rates are entirely driven by services deepening …

experiment of the past decade, stemming from a belief of the government that higher interest rates cause higher inflation … eventually a negative coefficient on inflation in the policy rule. In such an environment, was the exchange rate still a random … walk? Was inflation anchored? Does the "standard model" suffice to explain the broad contours of macroeconomic outcomes in …

found to help rationalizing the hump-shaped and persistent response of inflation, without resorting to the counterfactual …

that costpush shocks play an important role in understanding historical changes in inflation persistence. …

The term structure of inflation forecasts disagreement in the US can be summarized by two components: disagreement … about the trend inflation, and disagreement about the cyclical inflation. While the former has identical impacts on … forecasting horizons. Only the cyclical inflation disagreement has a significant impact on monetary policy efficacy. High …