response of commodity prices to the shock. …

pandemic were a negative supply shock, and the residual structural factors were a positive demand shock. The resulting excess … import demand contributed to the rise in domestic inflation. …

We analyze the evolution and drivers of inflation during the pandemic and the likely trajectory of inflation in the … near-term using an event study of inflation around global recessions and a factor-augmented vector auto-regression (FAVAR …) model. We report three main results. First, the decline in global inflation during the 2020 global recession was the most …

see the shock (thus far) largely as a demand rather than supply shock. A greater share of firms reports significant or … (like professional forecasters) have responded to the COVID-19 pandemic by lowering their one-year-ahead inflation … expectations. These responses stand in stark contrast to that of household inflation expectations (as measured by the University of …

Using the Federal Reserve Bank of Atlanta's Business Inflation Expectations (BIE) survey, which has been continuously …, on net, saw COVID-19 largely as a demand shock and lowered their one-year-ahead expectations. However, as the pandemic …