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David S Miller

Principal Economist · Federal Reserve Board

Principal Economist in the Macroeconomic and Quantitative Studies Section at the Federal Reserve Board. Works on macroeconomics, monetary economics and fiscal policy; co-author with Marco Bassetto of a QJE paper on sudden inflations.

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Published Quarterly Journal of Economics Online 21 Feb 2025 Published Jul 2025

A Monetary-Fiscal Theory of Sudden Inflations

Marco Bassetto · David S Miller

Why do sudden inflations and currency crises occur, while symmetric sudden deflations never do? The paper asks whether treating nominal government bonds as analogous to ordinary corporate bonds — with …

Monetary Policy Fiscal Policy Macroeconomics Free Read ↗