Ghana's macro-financial story from 2020 to 2025 shows a clear and direct link between inflation and the cost of credit. When inflation went up, lending rates went up too, and when inflation went down, lending rates went down. The lessons from this period are straightforward; when inflation...

Ghana's macro-financial story from 2020 to 2025 shows a clear and direct link between inflation and the cost of credit. When inflation went up, lending rates went up too, and when inflation went down, lending rates went down. The lessons from this period are straightforward; when inflation...

I investigate a generalized form of the Lucas (1972) Phillips curve, in which firms take varying amounts of time to learn aggregate demand, in standard textbook new-Keynesian models. This Phillips curve helps to reconcile the sharp divergence between the standard model on the one hand and the...

To estimate the impact of disagreement about expected inflation on the transmission of monetary policy in the Czech Republic, this article makes three novel contributions to the literature. First, we reconstruct a series of inflation expectations and calculate their disagreement from qualitative...

To estimate the impact of disagreement about expected inflation on the transmission of monetary policy in the Czech Republic, this article makes three novel contributions to the literature. First, we reconstruct a series of inflation expectations and calculate their disagreement from qualitative...

We analyze the anchoring of long-term euro-area inflation expectations in the decade following the Global Financial Crisis, by exploring a new weekly survey, conducted among around 25 macroanalysts from 2010 to 2018. We perform a battery of tests on level expectations from the weekly survey and...

We conducted a survey of Turkish firms, using randomized treatments to provide varied information about inflation in a high-inflation environment. By matching the survey data with administrative firm-level data on employment, sales, credit, and foreign exchange transactions, we explore the...