Published Journal of Monetary Economics Online 1 Jan 2026 Published Jan 2026Soft landing and inflation scaresJames Bullard · Alex Grimaud · Isabelle Salle · Gauthier VermandelWhy did the 2021–2023 US inflation surge end in a soft landing — disinflation without a major recession — while the Volcker disinflation of 1979–1987 required substantial output losses? And was the …