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 …

Post-covid inflation was predominantly driven by unexpectedly strong demand forces, not only in the United States, but … inflation near its 2-percent target---would have severely hampered an already anaemic recovery …

expected inflation. Such nominally sticky discount rates imply that increases in expected inflation directly lower firms' real … shocks and higher investment in response to government spending. Sticky discount rates imply that inflation has real effects … inflation expectations and permanently lowers the long-run inflation target in response to expansionary shocks, even when shocks …

Our current inflation stemmed from a fiscal shock. The Fed is slow to react. Why? Will the Fed's slow reaction spur … more inflation? I write a simple model that encompasses the Fed's mild projections and its slow reaction, and traditional … views that inflation will surge without swift rate rises. The key question is whether expectations are forward looking or …

inflation in the expected directions. Analysis of available policy records suggests that a contractionary monetary shock likely … impacts on real GDP and inflation in 2023 and 2024 …

public finances. We show that when the ECB misses its inflation target this has large heterogeneous fiscal consequences for … missing their inflation targets. They are also sizeable …