facts: (i) the long-run link between money growth and inflation and (ii) the link between credit growth and financial crises …. The analysis reveals that the former has weakened over time, while the latter has become stronger. Moreover, the money-inflation … two monetary facts. The money-inflation link is weaker in regimes characterised by low inflation and highly liberalised …

We develop a model to empirically study the influence of global factors in driving trend inflation and the inflation … gap. We apply our model to five established inflation targeters and a group of heterogeneous Asian economies. Our results … suggest that while global factors can have a sizeable influence on the inflation gap, they play only a marginal role in …

The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of … continuing low inflation, but also its coexistence with rapid growth and low real interest rates. Unfortunately, the analysis … also leads to the conclusion that rising inflation, unwinding financial imbalances, or both, could easily follow the …

There has been mounting evidence that the inflation process has been changing. Inflation is now much lower and much … more effective. There is no doubt in our mind that this explanation goes a long way towards explaining the better inflation …. We argue that prevailing models of inflation are too country-centric, in the sense that they fail to take sufficient …

levels of inflation rates observed in the recent decades. Using a markup model, it shows substantial effects from declines in … wage costs and import prices relative to consumer prices. Out of the 5 percentage point decline in the inflation rates in …

levels of inflation rates observed in the recent decades. Using a markup model, it shows substantial effects from declines in … wage costs and import prices relative to consumer prices. Out of the 5 percentage point decline in the inflation rates in …

transitorily negated the impact of lower inflation on pass-through. Part of the non-decline in long-run pass-through is due to a … rise in inflation persistence. This could follow from the dismantling of price controls in an environment of periodic … spurts in inflation around a non-declining inflationary trend, combined with a rise in the government deficit, which has a …

-stage pass-through is associated with the emergence of the low and stable inflation environment as well as a rise in import … penetration, while the relationship to the inflation environment is weak for first-stage pass-through …

inflation (PPI) across countries. Using a multi-country, industry-level dataset that combines information on PPI and exchange … across a range of econometric tests, input-output linkages account for half of the global component of PPI inflation. We … preserves fat-tailed idiosyncratic shocks and thus leads to a fat-tailed distribution of inflation rates, i.e., periods of …