distributions of output and inflation. Since the variance and the asymmetry of the forecast distributions are largely driven by the …

In the paper we investigate, which shocks drive inflation in small open economies. We proceed in two steps. First, we … variables. Our results show that in two out of three analyzed countries the fluctuations of inflation are to the largest extent … inflation variability while for the third country the contribution of the commodity shock dominates over the output gap in …

factors that influence trend inflation in the USA. Using structural shocks that incorporate a broad set of information for the … US economy, we find that four structural shocks have significant effects on trend inflation: productivity, price mark …-up, government policy, and finance. During and in the aftermath of the Great Recession, trend inflation became more volatile after …