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 …

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 …

. This divergence from the Ricardian equivalence thesis is traced to the omission of interest payments on public debt as part …

": they believe that government debt must necessarily be repaid and therefore leave the present value of their income streams …

. This divergence from the Ricardian equivalence thesis is traced to the omission of interest payments on public debt as part …

--although advanced economies with higher debt levels may have been constrained in how they provided stimulus (with more below …

inflate. It suggests that when economic growth is stalled, the U.S. debt overhang may trigger an increase in inflation of … about 5 percent for several years. This additional inflation would significantly reduce the debt ratio, even with some …As a share of GDP, the U.S. Federal debt held by the public exceeds 50 percent in FY2009, the highest debt ratio since …

inflate. It suggests that when economic growth is stalled, the U.S. debt overhang may trigger an increase in inflation of … about 5 percent for several years. This additional inflation would significantly reduce the debt ratio, even with some …As a share of GDP, the U.S. Federal debt held by the public exceeds 50 percent in FY2009, the highest debt ratio since …