cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

Global inflation has risen sharply from its lows in mid-2020, on rebounding global demand, supply bottlenecks, and … soaring food and energy prices, especially since the Russian Federation's invasion of Ukraine. Markets expect inflation to … developments, the risk of stagflation-a combination of high inflation and sluggish growth-has risen. The recovery from the …

inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due … bank inflation targets. As the effects of supply shocks have subsided, tight labor markets, and the rises in nominal wages …, have become relatively more important sources of inflation in many countries. In several countries, including the United …

The aim of the article is to clarify the controversies surrounding the relationship between inflation and unemployment … also an increase in inflation. The article, therefore, hypothesises that the relationships between unemployment and … inflation in the countries studied during the above period were unidirectional. To verify this hypothesis, two basic research …

A large literature has established that the Fed's change from a passive to an active policy response to inflation led … to U.S. macroeconomic stability after the Great Inflation of the 1970s. This paper revisits the literature's view by … confirm the literature's view. Our estimated model shows an active policy response to inflation even during the Great …

switches that either affect the inflation target or the response to inflation deviations from target lead to different … determinacy regions and different output, inflation, and interest rate distributions. With regime switching, the standard Taylor … determinacy. Switching inflation targets primarily affects the economy 's level, whereas switching inflation responses affects the …

an active response to inflation led to U.S. macro-economic stability after the Great Inflation of the 1970s. We revisit … this view by estimating a staggered price model with trend inflation using a Bayesian method that allows for equilibrium … demonstrates an active response to inflation even in the Great Inflation era, during which the U.S. economy was likely in the …

the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent …

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 …