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 …

response of commodity prices to the shock. …

by VIX shock during the global financial crisis, by fleet development shock during the period of overbuilt shipping … recovered more quickly from the shock during the COVID-19 compared to other periods, implying that the uncertainty had a greater …

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 …