The consensus among central bankers is that higher inflation expectations can drive up
actual inflation. We assess this by devising a novel method for identifying shocks to inflation …

Not in standard models. With conventional pricing frictions, imposing a flat Phillips curve
also imposes a price level that is rigid with respect to supply shocks. In the New Keynesian …

Empirical estimates find that the relationship between inflation and the output gap is close to
nonexistent—a so-called flat Phillips curve. We show that standard pricing frictions cannot …

This paper investigates how household inflation expectations respond to macroeconomic
data releases. By utilizing an unexploited feature of the Michigan Survey of Consumers …

We present determinacy bounds on monetary policy in the sticky information model. We find
that these bounds are more conservative here when the long run Phillips curve is vertical …

We present determinacy bounds on monetary policy in three models of inattentiveness-
sticky information, imperfect common knowledge, and arbitrary finite inattentiveness. We find …

We present determinacy bounds on monetary policy in the sticky information model. We find
that these bounds are more conservative here when the long run Phillips curve is vertical …