We empirically characterize episodes of large inflation surges that have been observed worldwide in the last three … decades. We document four facts. (1) Inflation following surges tends to be persistent, with the duration of disinflation … exceeding that of the initial inflation increase. (2) Surges are initially unexpected but followed by a gradual catch-up of …

Inflation has risen sharply in many countries since the COVID-19 outbreak. Economists have debated the underlying … causes. In this paper, we examine the drivers of the global import price inflation, which peaked at approximately 11 percent …

the quantity of imports. We investigate the impact of an import constraint on inflation, following an increase in domestic … demand. Whether the binding import constraint raises inflation depends on how it affects trade intermediation costs. If the … binding constraint raises trade costs, then import price inflation also increases. In this case, however, foreign producer …

constraints, and shocks to them, shape inflation. We show that binding constraints for domestic and foreign producers shift … recent US data, we find that binding constraints explain half of the increase in inflation during 2021-2022. In particular …, tight capacity served to amplify the impact of loose monetary policy in 2021, fueling the inflation takeoff …

We estimate a multi-country multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020 …-2023 in several countries, including the United States. The model matches observed inflation together with sector-level prices … and wages. We further measure the relative importance of different types of shocks on inflation across countries over time …