Monetary Policy and Macroeconomic Research by David Andolfatto

Treasuries have experienced a shift from trading above par to below par since 2020, resulting in a nearly $3 trillion valuation decline, equivalent to approximately 11% of U.S. GDP. David ...

David Andolfatto said the current fiscal situation is similar to that of the early 1980s, but highlighted that the debt-to-GDP ratio today is almost four times higher than it was during that ...

Consumer price index (CPI) inflation stood at 3.7% year-over-year in September 2026, with an annualized monthly increase of 8.1%. David Andolfatto posted these figures, offering a snapshot of ...

David Andolfatto questions the notion that France's current debt ratio demonstrates a need for greater austerity measures in Europe during the 2010s. He states that the counterfactual is not ...

David Andolfatto shares new figures on PCE inflation, stating that the year-over-year rate for August 2026 stands at 3.4%. Additionally, he notes that the monthly PCE inflation rate, annualized, ...

David Andolfatto highlights recent consumer price index trends, reporting a 3.4% year-over-year inflation rate for August 2026. The month-over-month figure, annualized, reached 4.9%. These ...

David Andolfatto discusses the Taylor rule, describing how it generally characterizes Federal Reserve policy and can be considered optimal when the government operates sensibly. He raises the ...

David Andolfatto reports that the PCE inflation rate for July 2026 was 4.7 percent year-over-year. The month-over-month rate, annualized, came in at 1.9 percent. These figures provide a snapshot ...

David Andolfatto discusses the impact of fiscal forces on Federal Reserve policy decisions. He highlights that as Warsh takes a leadership role at the Fed, fiscal constraints could play a larger ...

David Andolfatto announces new research on the effectiveness of interest rate policy in addressing U.S. inflation during the COVID-19 period. The study, co-authored with Fernando Martin of the ...