variety of instruments to influence inflation and output, including fiscal policy, bailouts and exchange rates. Solving the … correlation among output shocks. Our results suggest that governments do lean against inflation shocks, but not output shocks …

.S. contribute to the 2021-2023 inflation surge through the lens of several different empirical methodologies-event studies, vector … through a disinflationary channel in the Phillips curve while monetary and fiscal stimuli put positive pressure on inflation …

This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. The … scale and composition of the public debt, matter for inflation. As a result, fiscal policy constrains the efficacy of … monetary policy to anchor inflation expectations. The model predicts that the Great Moderation period would not have been so …

a unified framework that incorpo- rates regime switching both in shock variances and in the inflation target. We propose … the inflation target are not the main driving force of high inflation in the 1970s. The model that best fits the U.S. time …

Abstract. The stimulus effects of expansionary fiscal policy under average inflationtargeting (AIT) depends on both … monetary and fiscal policy regimes. AITfeatures an inflation makeup under the monetary regime, but not under thefiscal regime … regime by shortening theduration of the ZLB through expected inflation makeup. Under the fiscalregime, AIT has a nonlinear …