The standard measure of core or underlying inflation is the inflation rate excluding food and energy prices. This paper … constructs an alternative measure, the weighted median inflation rate, for 38 advanced and emerging economies using subclass …, and more closely related to headline inflation over the next year. The weighted median also has a drawback: in most …

This chapter examines the concept of inflation persistence in macroeconomic theory. It begins by defining persistence … persistence from the literature on imperfect information models, learning models, and so-called “trend inflation models …

We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …

We show that, in a broad class of menu cost models, the dynamics of aggregate inflation in response to arbitrary shocks …

To what extent is the recent spike in inflation driven by a change in its permanent component? We estimate a semi …-structural model of output, inflation, and the nominal interest rate in the United States over the period 1900-2021. The model predicts … that between 2019 and 2021 the permanent component of inflation rose by 51 basis points. If instead we estimate the model …

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 …

Over the past 25 years inflation has moderated considerably in all OECD economies. At the same time, the production of …-OECD economies has risen markedly. This paper investigates the extent to which the observed changes in the inflation process can be … inflation to domestic economic conditions has declined whereas the sensitivity to foreign economic conditions has risen, working …

In recent years, inflation in the euro area has failed to decelerate decisively while cyclical slack built up in the … analysis conducted on two decades of quarterly data covering 17 countries yields a yes on both counts. First, inflation is …

To help policymakers form a judgment on inflation risks and the required monetary policy stance the OECD has developed … Outlook to explain recent developments in core inflation, excluding food and energy, based on developments in measures of … economic slack (the output gap), spill-over effects from energy prices onto core inflation and lagged responses to past …

rates on domestic inflation, which may have contributed to differences in policy stances during the boom in commodity prices …