E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
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Global Inflation Dynamics in the Post-Crisis Period: What Explains the Twin Puzzle?
Inflation dynamics in advanced countries have produced two consecutive puzzles during the years after the global financial crisis. The first puzzle emerged when inflation rates over the period 2009-11 were consistently higher than expected, although economic slack in advanced countries reached its highest level in recent history. -
Housework and Fiscal Expansions
We build an otherwise-standard business cycle model with housework, calibrated consistently with data on time use, in order to discipline consumption-hours complementarity and relate its strength to the size of fiscal multipliers.