As inflation targeting (IT) turns 35, it has become a key institutional monetary framework by central banks. Yet, this … paper shows that stark differences exist among inflation targeting countries in the conduct of monetary policy. Behind such … heterogeneity, the legacy of a high inflation history appears as a preponderant factor. We propose a model that diverges from …

, the effects on inflation and output volatility in the event of demand and cost-push shocks are minimal. Financia …

sub-Saharan African countries on the relative importance of fiscal and monetary determinants of inflation. Based on the … dynamic response of inflation to different shocks, including nominal public debt, results show that a number of SSA countries …

persistent or to more volatile inflation), systematically express higher concerns over rising prices. The link between past high … inflation exposure and expressed concerns over price stability is particularly strong when an individual's exposure occurs in … the latter part of her working-age (as in lifecycle theory). The impact of past exposure to high inflation on …

This paper argues case that a tighter fiscal policy stance can meaningfully support central banks in fighting inflation … more effective than fiscal policy in battling inflation in open economies due to the exchange rate channel, we show that a …

A salient feature of the post-COVID inflation surge is that economic activity has remained resilient despite …. In our model, a persistent large adverse supply shock can lead to a persistent inflation surge while output expands if … the central bank follows an inflation forecast-based policy rule and thus abstains from hiking policy rates for some time …

supply chain disruptions for inflation and monetary policy in sub-Saharan Africa. Increases in supply chain pressures have … had a sizeable impact on headline, food, and tradable inflation for a panel of 29 sub-Saharan African countries from 2000 … to 2022. Our findings suggest that central banks can stabilize inflation and output more efficiently by monitoring global …

This paper analyzes the dramatic rise in U.S. inflation since 2020, which we decompose into a rise in core inflation as … measured by the weighted median inflation rate and deviations of headline inflation from core. We explain the rise in core with …-through into core from past shocks to headline inflation. The headline shocks themselves are explained largely by increases in …