We estimate the slope of the Phillips curve in the cross section of US states using newly
constructed state-level price indices for nontradeable goods back to 1978. Our estimates …

We develop a new class of general-equilibrium models with partially unfunded debt to
propose a fiscal theory of persistent inflation. In response to business cycle shocks, the …

Seafood holds promise for helping meet nutritional needs at a low climate impact. Here, we
assess the nutrient density and greenhouse gas emissions, weighted by production method …

The Fiscal Theory of the Price Level Page 1 Page 2 The Fiscal Theory of the Price Level john h.
cochrane princeton university press princeton and oxford Page 3 Copyright c 2023 by …

We develop the theory of price-level determination in a range of models using both ad hoc
policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that …

We develop a dynamic general equilibrium model in which the policy rate signals the central
bank's view about macroeconomic developments to price setters. The model is estimated …

A high-frequency approach is used to analyze the effects of President Trump's tweets that
criticize the Federal Reserve on financial markets. Identification exploits a short time window …

We show that policy uncertainty about how the rising public debt will be stabilized accounts
for the lack of deflation in the US economy at the zero lower bound. We first estimate a …

Low and stable inflation requires an appropriate fiscal framework aimed at stabilizing
government debt. Historically, trend inflation is critically influenced by actual or perceived …

We document large, longer term, joint regime shifts in asset valuations and the real federal
funds rate‐r* r^∗ spread. To interpret these findings, we estimate a novel macrofinance …