This paper argues that the implications of globalization for monetary policy come mainly through two channels: On the one hand, the many structural changes, which are associated with the globalization process, cause an increase in uncertainty surrounding monetary policy. This leads to an...

An important monetary transmission channel works through the impact of interest rate changes on non-financial firms' investment decisions. Higher monetary policy rates affect firms' investment decisions by raising the costs of external financing and lowering aggregate demand for goods and...

French consumer price inflation (as measured by the HICP) rose by 6.2% in September 2022 as compared to September 2021, against 10% in the euro area. Inflation rose less rapidly in France than in the euro area primarily due to a less rapid rise in energy prices: energy prices contributed to...

Inflation in Austria started to rise from mid-2021 during recovery from the CORONA crisis. The Russian invasion in Ukraine and the heavy increases in energy prices made things worse and brought inflation to over 10%. The government did not enter direct formal negotiations with social partners...

Hungary has a history of high inflation rates. After the transformation period inflation reached up to 35% in the early 1990ies. Since then, economic policy measures contributed to signifi-cantly lower inflation and during the mid-2010s it was even close to zero. Inflation rates have begun to...

Dutch inflation has risen steeply recently, despite unprecedented cuts in energy taxes and VAT, to a record high of 17% in September 2022. Energy has been by far the major driver of the inflation surge, but inflation has been broadening in 2022, with food price rises above 10% since July and...

Italian inflation has risen to 9.4% in September 2022. Energy goods have been the primary driver of the inflation surge since the fall of 2021, but price increases are now spreading to the whole economy, with 'core' inflation at 5.3%. Since Italy's industries heavily rely on gas as an energy...

Like in other European countries, several supply shocks (bottlenecks related to the end of the pandemic, tensions in international gas and oil prices, and war in Ukraine) have led to a rise in the inflation rate in Spain since March 2021. This has been amplified by the functioning of energy...

This national case study will investigate recent inflationary developments in Croatia by combining quantitative analysis with a qualitative overview of policy making. It collects data regarding inflationary developments, wages and other key variables in Croatia's economy. The task of this study...