-side effects into account, we get more persistent inflation and output reactions.We also show that the dichotomy does not hold for … discretionary monetary policy, the fiscal policy regime affects the size of the inflation bias.We also show that commitment to an … optimal monetary policy not only corrects the inflation bias but also increases the persistence of output reactions …

policy to U.S. inflation over the December 2019-June 2022 period. Model calibrations show that aggregate demand shocks … explain roughly two-thirds of total model-based inflation, and that the fiscal stimulus contributed half or more of the total …

Monetary developments of recent decades began with much promise with inflation targeting by independent central banks …

. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption …

We study the impact of the COVID-19 pandemic on euro area inflation and how it compares to the experiences of other …-output linkages, affecting both trade and inflation; (2) inflation can be higher under sector-specific labor shortages relative to a … domestic aggregate demand shocks in explaining euro area inflation over 2020-21; and (4) international trade did not respond to …

In recent years the world's two largest inflation-targeting central banks - the US Federal Reserve (the Fed) and the …, both revisions quickly became antiquated when inflation started to rise again in the wake of the pandemic. The change in … macroeconomic context (from stubbornly low inflation to persistent higher inflation) led both central banks to advocate 'policy …

The coronavirus crisis that started in December 2019 was declared a pandemic by March 2020 and had devastating global …