Gagliardone, Luca; Gertler, Mark - National Bureau of Economic Research - 2023
inflation, with emphasis on the role of oil shocks and accommodative monetary policy. The model features oil as a complementary … VAR. We then show that our model does a good job of explaining unemployment and inflation since 2010, including the recent … inflation surge that began in mid 2021. We show that mainly accounting for this surge was a combination oil price shocks and …
