A Monetary-Fiscal Theory of Sudden Inflations
提出信息渠道解释突发通胀：家庭需选择是否获取关于政府盈余的信息，小经济环境变化可通过该渠道引发消费者行为和价格的大幅反应，从而解释为何财政盈余变动长期不引发通胀，而后突然爆发通胀。
ABSTRACT This article posits an information channel as an explanation for sudden inflations. Households saving via nominal government bonds face a choice whether to acquire costly information about future government surpluses. They trade off the cost of acquiring information about the surpluses that back bond repayment against the benefit of a more informed saving decision. Through the information channel, small changes in the economic environment can trigger large responses in consumer behavior and prices. This setting explains why there can be long stretches of time during which government surpluses have large movements with little inflation response; then at some point, something snaps, and a sudden inflation takes off that is strongly responsive to incoming fiscal news.