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

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 …

investigate whether monetary policy has become less effective in the wake of financial globalization. We also examine whether … there is increasing uncertainty for central banks due to globalization-driven changes in the national economic structure. A … FAVAR framework is applied to derive structural shocks on a worldwide level and their impact on other global and also …

This paper examines the global drivers of inflation in 55 countries over the 1970-2022 period. We estimate a Factor … domestic shocks. We report three main results. First, global shocks have explained about 26 percent of inflation variation in a … typical economy. Oil price shocks accounted for only about 4 percent of inflation variation, but they had a statistically …