During the pandemic, many countries saw a slight and ephemeral decline decrease in inflation at the beginning, followed by a significant increase from 2021 to the present. Meanwhile, with the appreciation of the U.S. dollar, many countries’ currencies have faced continuous depreciation. This...

We estimate the impact of fiscal measures adopted in response to the COVID-19 crisis at the euro area level, combining standard macroeconomic data with an index on the strictness of ‘lockdown style’ policies. Given the multitude of shocks occurred simultaneously during the pandemic, the...