inflation by using a Nonlinear ARDL (NARDL) model, which is compared to a benchmark linear ARDL one. Using monthly data from the …, especially negative ones, have a stronger impact on inflation than OPU ones and capture some of the monetary policy uncertainty …, thereby reducing the direct effect of interest rate changes on inflation. Since EPU shocks reflect, at least to some extent …

We estimate the effects of oil price changes on inflation for the United States, United Kingdom, France, Germany, and … likely to have only a modest effect on inflation in the U.S, Japan, and Europe. Oil price increases of as much as 10 ….U. Inflation in Europe, traditionally thought to be more sensitive to oil prices than in the U.S., is unlikely to show any …