We study how carbon pricing has affected inflation ex-post, using dynamic panel estimation of New-Keynesian Phillips … carbon taxes. We find that an increase in prices of ETS by $10 per ton of CO2 equivalents increases energy CPI inflation by 0 ….8 percentage points (pp), and headline inflation by 0.08pp, but has no significant effects on food and core CPI inflation. We also …

useful information about variables such as commodity prices which matter for aggregate demand and thus inflation. Given this …

Inflation dynamics have been difficult to explain over the last decade. This paper explores if a more comprehensive … treatment of globalization can help. CPI inflation has become more synchronized around the world since the 2008 crisis, but core … and wage inflation have become less synchronized. Global factors (including commodity prices, world slack, exchange rates …

Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic … growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the … reputation of central banks. Thus, central banks should not try to bring inflation back to the targeted level of 2%. Rather, they …

This paper examines the causal effects of shifts in international food commodity prices on euro area inflation dynamics …%-30% of inflation volatility. In addition, large autonomous swings in international food prices contributed significantly to … the twin puzzle of missing disinflation and missing inflation in the era after the Great Recession. Specifically, without …

do not force a central bank to tolerate higher inflation, but may generate a tradeoff between the central bank …'s objectives for inflation and real activity. The presence and size of this tradeoff depends on how flexible prices are in the …

We study how precipitation has affected food consumer price inflation (CPI), using dynamic panel estimation of food CPI …. We allow for nonlinear effects of precipitation on food CPI inflation, and also control for possible nonlinear effects of … temperature. We find that precipitation has significant nonlinear effects on food CPI inflation. The coefficient of food CPI …

Is inflation (still) a global phenomenon? We study the international co-movement of inflation based on a dynamic factor … explains approximately 58% of the variation in headline inflation across all countries and over 72% in OECD economies. The … explanatory power of global inflation is equally high in a shorter sample spanning the time since 2000. Core inflation is also …

inflation and is shown to be Granger-causal for euro area inflation in an out-of-sample forecasting exercise. In part, this … contrast, the influence of Japanese and euro area excess liquidity on euro area inflation is more limited. -- Global excess … liquidity ; euro area ; inflation ; monetary policy ; interest rate channel ; forecasting accuracy. …

We study the dynamics of inflation persistence in 45 countries for the period 1960-2008. We use a nonparametric unit … inflation data, and a test for multiple changes in persistence, which decomposes the sample information between adjacent I(0 …) and I(1) periods. We find that (1) With very few exceptions, inflation around the world rejects a unit root, (2) for …