We study the relation between inflation and real activity over the business cycle. We employ a Trend-Cycle VAR model to … control for low-frequency movements in inflation, unemployment, and growth that are pervasive in the post-WWII period. We show … that cyclical fluctuations of inflation are related to cyclical movements in real activity and unemployment, in line with …

inflation strongly and persistently, (ii) lead to statistically weak negative effects on activity, (iii) contributed to … having a stronger effect on inflation expectations. Quantitatively, increasing political pressure by half as much as Nixon …

inflation behaves as if prices are nearly fully sticky (flexible). Using (conventional) measures of inflation that understate …

We study how within-store price variation changes with inflation, and whether households exploit it to attenuate the … inflation burden. We use micro price data for food products sold by 91 large multi-channel retailers in ten countries between … discounts grew at a much lower average rate than regular prices, helping to mitigate the inflation burden. By contrast …

fluctuations associated with these events are also discussed, as is their role in the recent surge of inflation, with a particular …

inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due … bank inflation targets. As the effects of supply shocks have subsided, tight labor markets, and the rises in nominal wages …, have become relatively more important sources of inflation in many countries. In several countries, including the United …

the Covid pandemic. Inflation responded asymmetrically to movements in demand. This helps to explain why inflation did not … most of the rise during the rebound. Inflation rates across firms have become more dispersed and skewed since the start of … the pandemic. We find that average price inflation is positively correlated with the dispersion and skewness of the …

short-run and long-run inflation expectations. The estimated model allows us to analyze the direct and indirect effects of … product-market and labor-market shocks on prices and nominal wages and to quantify the sources of U.S. pandemic-era inflation … and wage growth. We find that, contrary to early concerns that inflation would be spurred by overheated labor markets …