We estimate a multi-country multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020 …-2023 in several countries, including the United States. The model matches observed inflation together with sector-level prices … and wages. We further measure the relative importance of different types of shocks on inflation across countries over time …

contributed to financial instability during 1790-1933, and that inflation rate shocks contributed to financial instability during …

fraction of price changes increases with inflation. They also predict implausibly large menu costs and misallocation in the …

tax and transfer systems. With constant primary deficits, there exist two steady-states, and the price level and inflation … in the long-run real interest rate, leading to higher inflation for any given monetary policy. Our work highlights the … role of household heterogeneity and market incompleteness in determining inflation …

inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due … bank inflation targets. As the effects of supply shocks have subsided, tight labor markets, and the rises in nominal wages …, have become relatively more important sources of inflation in many countries. In several countries, including the United …

We leverage the inflation upswing of 2022 and various granular datasets to identify robust price-setting patterns … for interpreting recent inflation dynamics …

policy-induced variations in stock returns. Finally, monetary contractions have a larger impact on consumption in Germany and …