This book celebrates the life and work of Palle Schelde Andersen, a Danish economist who was for over two decades the main macroeconomist of the Bank for International Settlements (BIS). The book contains the papers and proceedings of a conference that was held at the BIS in Mr Andersen's honour...

This note identifies supply factors, particularly the exchange rate, as key drivers of inflation in South Africa. Demand factors play a negligible role, with a flat Phillips curve apparent since the inception of the country's inflation targeting regime. The Phillips curve flattened further with...

Since the early 2000s, inflation in Russia has never fallen below 6%, except for brief intervals following the major crisis of 2008 and the changes in 2012 to the seasonal indexation of administered prices.Persistently high inflation expectations have posed a challenge to the Bank of Russia in...

This paper discusses the role of inflation expectations in the inflation dynamics of the Philippines since its adoption of inflation targeting in 2002. It places a particular focus on the post-crisis period. A key finding is that agents have become more forwardlooking with the adoption of...

This note examines Malaysia's inflation dynamics as influenced by changes in the policy environment and economic structure. In particular, it highlights the growing role of domestic demand, increased integration with the global economy, and the policy reforms that are shifting the economy...

Inflation in Israel has been below the inflation target for over two years now and inflation expectations at short horizons have followed actual inflation to below the target. The low inflation outturns are the result of sharp, negative external and domestic price level shocks, including the...

We analyse the evolution of inflation in Chile over the last decade and a half through the lenses of the new keynesian theory. We do this first by reviewing the evidence relating to the main channels put forward by this framework: the output gap, inflation expectations, indexation to past...

Inflation dynamics in Brazil are high and volatile. This short paper seeks to shed some light on the features of inflation in Brazil and provides a non-exhaustive list, in the way of a primer, of factors that are especially important. It also offers some suggestions for how monetary policy could...

Emerging market central banks have come to rely on an increasing number of measures of inflation expectations from a variety of sources. We highlight some of the empirical limitations of the various measures, and argue that different measures are likely to be best suited for different purposes....

This paper documents three major and favourable inflation dynamics in emerging market economies (EMEs). First, the level of inflation has moderated in EMEs and has been broadly stable since the early 2000s. Second, inflation persistence has declined over the past decade. Third, EME exchange rate...