This paper focuses on the empirically observed relationship between demographic change and inflation and explores the … demographic change and inflation dynamics. We are the first to formally disentangle the two components of demographic change …: population size and structure, and determine how they separately affect inflation. We find that changes in population size are a …

across the sample. Evidence in favour of a diminishing effect of oil price shocks on the output and inflation is found from … in the last part of the 1990s and, especially, for the CPI inflation in the 2000s. The most outstanding result is that … the oil price movements could explain at least some of the recent inflation, the main difference between these outcomes …