This paper focuses on the output costs of disinflation. A model of inflation with both forward and backward elements … seems to characterize reality. Such an inflation model is estimated using data for industrial countries, and the output … is considered. An alternative, more credible policy may be to announce an exchange rate peg to a low inflation currency …

that this may have contributed to more elastic aggregate supply in recent years, which is consistent with lower inflation …

Supply constraints hurt the economic recovery and boosted inflation in 2021. We find that in the euro area … producer price inflation would not have occurred in the absence of supply bottlenecks. Globally, shutdowns can explain up to 40 … price pressures, the challenge for policymakers is to support recovery without allowing high inflation to become entrenched …

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical … assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of … inflation expectations' anchoring using survey-based inflation forecasts for 45 economies starting in 1989. We then study the …

any austere effects; low inflation reinforces, rather than counteracts, the income-equalizing effect of fiscal …