In most OECD countries, we cannot reject up to three breaks in the mean of inflation: one break in the late 1960's … phenomena. We also show that ignoring breaks in the mean of inflation clearly lead to overrate inflation persistence in standard … bi-variate models of inflation. The response of inflation to shocks in these models is markedly faster with breaks than …

food price shocks on a given set of countries. Secondly, we assess the importance of inflation linkages among countries, by …. In addition, a considerable part of the observed headline inflation rises is attributable to foreign sources for the vast … majority of the regions. -- Oil shock ; commodity prices ; inflation ; second-round effects ; Global VAR …

This paper shows that inflation in industrialized countries is largely a global phenomenon. First, inflations of (22 … associated to Global Inflation is not only due to the trend components of inflation (up from 1960 to 1980 and down thereafter …) but also to fluctuations at business cycle frequencies. Second, Global Inflation is, consistently with standard models of …

inflation series of the euro area CPI translates into the slow adjustment of euro area aggregate inflation. We first estimate a … dynamic factor model for 404 inflation sub-indices of the euro area CPI. This allows to decompose the dynamics of inflation … the overall variance of the 404 disaggregate inflation series, is the main driver of aggregate dynamics. In addition, the …

the tradeable sector. They also suggest that the sales destination matters: wage growth contributes to domestic inflation … for goods but not to export inflation. Finally, we also provide evidence of an increase in the wage-price pass …