Using a daily survey of US households, we study how the Federal Reserve's announcement
of its new strategy of average inflation targeting affected households' expectations. Starting …

We explore how the sources of shocks driving interest rates, country vulnerabilities, and
central bank communications affect the spillovers of US monetary policy changes to …

This paper discusses the Federal Reserve's new framework and highlights some important
policy implications that flow from the revised consensus statement and the new strategy. In …

We argue that recoveries from demand-driven recessions with expenditure cuts
concentrated in services or non-durables will tend to be weaker than recoveries from …

We analyze the robustness of makeup strategies—policies that aim to offset, at least in part,
past misses of inflation from its objective—to alternative modeling assumptions, with an …

In early 2019, the Federal Open Market Committee (FOMC or the Committee) launched a
comprehensive review of its monetary policy framework (MPF)—the strategies, tools, and …

This paper discusses various concepts of unemployment rate benchmarks that are
frequently used by policymakers for assessing the current state of the economy as it relates …

We study a new type of monetary-fiscal interaction in a heterogeneous-agent New
Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public …

This article examines the risks and societal costs associated with flexible average inflation
targeting in the United States and symmetric inflation targeting in the Eurozone. Employing …

This paper argues the ability of the new monetary policy frameworks established by the US
Federal Reserve in 2019 and 2020 are adapted by the dynamic steering of inflation to the …