There is no consensus over the importance of "global forces" on inflation. This study explores the role of structural … breaks in the inflation process, and their timing, whether it is common across countries, and the extent to which "global … forces" are relevant. Three conclusions stand out. Global inflation impacts inflation in both AE and EME, but the impact is …

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 …

The long-run relation between growth and inflation has not yet been studied in the context of nominal price and wage … integrate staggered price- and wage-setting into an endogenous growth framework. In this setting, growth and inflation are … linked via the incentive to innovate. For standard calibrations, the linkage is strong: as trend inflation shifts from -5 to …

The inability of central banks to attain their target inflation rates in recent years has raised questions about the … extent to which central banks can control the inflation process. This paper discusses the evolution of thought and evidence … since the 1960s on the determinants of inflation and the role that should be played by central banks. The paper highlights …

The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of … continuing low inflation, but also its coexistence with rapid growth and low real interest rates. Unfortunately, the analysis … also leads to the conclusion that rising inflation, unwinding financial imbalances, or both, could easily follow the …

The present paper uses survey data on expected consumer price developments to analyse the role of inflation … expectations in the inflation process. The survey measures of price expectations are derived from the European Commission … estimates of the New Keynesian inflation model presented here underscore the importance of inflation expectations for the short …

The present paper uses survey data on expected consumer price developments to analyse the role of inflation … expectations in the inflation process. The survey measures of price expectations are derived from the European Commission … estimates of the New Keynesian inflation model presented here underscore the importance of inflation expectations for the short …

Since 2000 U.S. inflation has remained both below target and silent to domestic slack and monetary interventions. A … inflation. The trend analysis shows that, starting from the '90s, despite very well-anchored expectations, slow-moving imported … "cost-push" factors induced deflationary pressure keeping trend inflation below target. The cycle block provides evidence in …

We study how domestic and global output gaps affect CPI inflation. We use a New-Keynesian Phillips curve framework …1-2017Q4 period. We find broadly that both global and domestic output gaps are significant drivers of inflation both in … output gaps on inflation. …

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