Standard theory of consumer behavior stands on the maxim of utility maximization. Optimizing behavior of consumer is achieved by maximization of utility subject to budget constraint. An increase in inflation that is not accompanied by proportionate increase in income can leave a consumer worse...

I examine how globalization affects monetary policy, focusing on the labor market, imported inflation, and international spillovers by exploring the flattening of the Phillips Curve, where the traditional link between inflation and unemployment has weakened, potentially allowing central banks to...

The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior of U.S. employers, and we develop novel...