An interpretation of the rise of inflation

A research paper from the National Bureau of Economic Research interprets the rise of inflation in the United States from the perspective of a simple macroeconomic framework.

The research notes that a standard statistical perspective on the United States's great inflation is that it involves an increase in the stochastic trend rates of inflation, defined as the long-term forecast of inflation at each point in time. They show that a textbook macroeconomic model delivers such a stochastic

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