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 …

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

The US and other advanced countries suffered bursts of severe inflation in 2021 and the first half of 2022, followed by … declines of inflation later in 2022, in some countries. In times of high volatility of price determinants--cost and … productivity--inflation can jump upward and fall downward at high speed, contrary to the uniformly sticky behavior associated with …

difference by showing that, although the pass-through of marginal cost into inflation is substantial, the elasticity of marginal … inflation …

explaining bouts of inflation. We begin by showing that a quasi-flat Phillips curve, which was popular prior to the pandemic …, still fits the post-2020 US data well and that changes in short term inflation expectations induced by supply shocks likely … played a major role in the recent inflation episode. We then document features of the joint dynamics of inflation and …

. The model delivers a static wage Phillips curve linking current wage inflation to current unemployment. For standard … stickiness, which features a forward-looking wage Phillips curve, linking current wage inflation to future expected wage … inflation and current unemployment. This result puts in perspective the role played by the forward-looking component of the new …

A parsimonious model of shifting policy regimes can simultaneously capture expected and actual US inflation during 1969 …. Private sector learning about policymaker type leads to a reputation state variable. We use model inflation forecasting rules … to extract state variables from SPF inflation forecasts. US inflation is tracked by optimal policy without commitment …

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