bring volatility to emerging markets. Are there mechanisms to reap the benefits of capital flows without being hurt by their … volatility? Are current practices, such as large reserves accumulation, public deleveraging, and export promotion strategies …, efficient external insurance mechanisms? In this paper we start by documenting the external volatility faced by emerging markets …

We study the impact of the COVID-19 pandemic on euro area inflation and how it compares to the experiences of other …-output linkages, affecting both trade and inflation; (2) inflation can be higher under sector-specific labor shortages relative to a … domestic aggregate demand shocks in explaining euro area inflation over 2020-21; and (4) international trade did not respond to …

We estimate a multi-country, multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020 …-23 in several countries, including the United States. The model matches observed inflation together with sector-level prices … and wages. We further measure the relative importance of different types of shocks on inflation across countries over time …

of inflation is determined by a shock originating abroad, which indeed generates the main bulk of volatility in the …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 …

are minor, and an inflation targeting rule represents an effective policy for the EME. With frictions in financial … intermediation, however, spillovers are substantially magnified, and an inflation targeting rule has little advantage over an … exchange rate peg. However, an optimal monetary policy markedly improves on the performance of naive inflation targeting or an …

. Thus, financial repression is most successful in liquidating debts when accompanied by a steady dose of inflation …. Inflation need not take market participants entirely by surprise and, in effect, it need not be very high (by historic standards …