Greater international economic interconnectedness over recent decades has been changing inflation dynamics. This paper …, is an important channel through which global economic slack influences domestic inflation. In particular, we document the … inflation rates, both across countries and over time. Accounting for the role of GVCs, we also find that the conventional trade …

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 …

Is inflation (still) a global phenomenon? We study the international co-movement of inflation based on a dynamic factor … explains approximately 58% of the variation in headline inflation across all countries and over 72% in OECD economies. The … explanatory power of global inflation is equally high in a shorter sample spanning the time since 2000. Core inflation is also …

linked to the monetary policy regime. Before and after the 'Great Inflation', nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the 'Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

We study the effects of forward-looking communication in an environment of rising inflation rates on German consumers …’ inflation expectations using a randomized control trial. We show that information about rising inflation increases short- and … long-term inflation expectations. This initial increase in expectations can be mitigated using forward-looking information …

restrictions which are not rejected by the data - the cost channel helps to generate an initial rise of inflation after a monetary …

This paper examines the causal effects of shifts in international food commodity prices on euro area inflation dynamics …%- 30% of inflation volatility. In addition, large autonomous swings in international food prices contributed significantly … to the twin puzzle of missing disinflation and missing inflation in the era after the Great Recession. Specifically …

experiment of the past decade, stemming from a belief of the government that higher interest rates cause higher inflation … eventually a negative coefficient on inflation in the policy rule. In such an environment, was the exchange rate still a random … walk? Was inflation anchored? Does the “standard model” suffice to explain the broad contours of macroeconomic outcomes in …