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 …

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 …

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 …

particular the aim of price stability, understood as low and stable inflation. Design/Research methods: The article was prepared … inflation reduces uncertainty about future price developments. This facilitates decision-making for companies concerning …

We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the coefficient in the Phillips curve on the …

Headline inflation in the euro area jumped to more than three percent in the summer after years of relatively low … inflation rates well below the target of close to but below two percent set by the ECB until July 2021. One of the main reasons … for the rise in inflation is the increase in energy prices since the beginning of 2021. However, there are further …

current operating procedures and make monetary policies more effective in fighting inflation. …

estimations, that the ECB has been either more averse to inflation above 2% ceiling or that the de facto inflation aim has been … considerably below 2%. Our results suggest further that an inflation aim of 2% combined with asymmetry is a plausible specification …

After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by … global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise … monetary policy tightening, inflation upside risks are large. How can central banks restore control - and with it their own …