movements in global house prices? To address these questions, we first estimate the global components in house prices and … using a wide range of FAVAR models. We find that house prices are synchronized across countries, and the degree of … synchronization has increased over time. Global interest rate shocks tend to have a significant negative effect on global house prices …

assessing the effect of rising food prices on the poor. This paper attempts to combine these strands by dividing inflation into …There is an extensive literature noting that high inflation can add to income inequality, and a parallel literature … food and nonfood inflation and assessing whether food inflation affects income inequality differently from nonfood …

, Mauritius and Tanzania; (iii) creating a symmetric CMA-wide monetary union with a regional central bank carries some costs in …

weaker linkages bewteen inflation and real credit growth within Europe. While the euro area is the dominant source of …

joining the euro. We evaluate two alternative scenarios. In the first one, we consider a reduction of trade costs that occurs … the ones observed during the recent debt crisis in Europe. The reduction of trade costs generates a net welfare gain of 0 …

macroeconomic conditions, such as GDP growth, unemployment, and inflation, the analysis also indicates that there are strong …

This paper discusses comovement between inflation and output in the euro area. The strength of the comovement may not … frequency, the output and core inflation comovement is high and stable, and that inflation lags the cycle in output with roughly … half of its variance. The strong relationship of output and inflation hints at the importance of demand shocks for the euro …