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In a collaborative project with ten central banks, we have investigated the causes of the post-pandemic global inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due primarily to supply disruptions and sharp increases in...
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We answer the question posed by the title by specifying and estimating a simple dynamic model of prices, wages, and short-run and long-run inflation expectations. The estimated model allows us to analyze the direct and indirect effects of product-market and labor-market shocks on prices and...
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We show that a .scal expansion by the core economies of the euro area would have a large and positive impact on periphery GDP assuming that policy rates remain low for a prolonged period. Under our preferred model speci.cation, an expansion of core government spending equal to one percent of...
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In the 1970's, large increases in the price of oil were associated with sharp decreases in output and large increases in inflation. In the 2000's, even larger increases in the price of oil were associated with much milder movements in output and inflation. Using a structural VAR approach,...
Persistent link: https://www.econbiz.de/10013122062