, does the inclusion of import prices help explain post-war inflation dynamics in the United Kingdom , United States and … Japan; and second, has the influence of import prices in firms' costs become greater over the more recent period since the … mid-1980s. Overall, our results suggest that import prices do help explain movements in inflation; in particular, NKPC …

. Firms import intermediate inputs from home or foreign suppliers, but with higher costs in the latter case. Due to fixed … the model with newly-compiled monthly aggregate U.S. import data and industrial production data going back to 1962, and …