A large output gap accompanied by stable inflation close to its target calls for further
monetary accommodation, but the zero lower bound on interest rates has robbed the …

Purely forward-looking versions of the New Keynesian Phillips curve (NKPC) generate too
little inflation persistence. Some authors add ad hoc backward-looking terms to address this …

We review the main identification strategies and empirical evidence on the role of
expectations in the New Keynesian Phillips curve, paying particular attention to the issue of …

Abstract The standard New Keynesian model with staggered wage setting is shown to imply
a simple dynamic relation between wage inflation and unemployment. Under some …

Two monetary policy rules, the money supply (quantity) rule and interest rate (price) rule, are
explored for China in a dynamic stochastic general equilibrium model. The empirical results …

Following the worst of the COVID-19 pandemic, inflation surged to levels last seen in the
1980s. Motivated by vast differences in pandemic support across countries, we investigate …

Historically, large changes in US government spending induced fiscal efforts that were not
all alike, with some using more progressive taxes than others. We develop a heterogeneous …

We systematically evaluate how to translate a Calvo wage duration into an implied
Rotemberg wage adjustment cost parameter in medium-scale New Keynesian DSGE …

Dynamic stochastic general equilibrium (DSGE) models are often solved and estimated
under specific assumptions as to whether the exogenous variables are difference or trend …

In this paper, I consider the policy implications of two alternative structural interpretations of
observed inflation persistence, which correspond to two alternative specifications of the new …