Working Papers
Working Papers
These are slides from my keynote address at the 2023 Bank of Korea International Conference. I use a decomposition inspired by the New Keynesian Phillips Curve to argue that the 2021-23 US inflation spike is attributable to an increase in product market power. I use the analysis in Kocherlakota (2022, JME) to argue that, given the apparent bubble in US public debt, fiscal policy tightening represents a more reliable way to restore inflation to target than monetary policy tightening.