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There is no consensus over the importance of "global forces" on inflation. This study explores the role of structural breaks in the inflation process, and their timing, whether it is common across countries, and the extent to which "global forces" are relevant. Three conclusions stand out....
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. Panel VARs driven by factors or observed macroeconomic determinants are used. Many, but not all, of the shocks examined have …
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like in the core countries had the ECB conducted monetary policy prior to 1999. Finally, while estimation using real …
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This paper examines the monetary policy transmission mechanism in four systemically important economies. The impact of monetary policy is found to be broadly comparable for China, the US, the Eurozone, and Japan. Identifying a role for the financial sector is essential to unpacking various...
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