In the past four to five decades, inflation has fallen around the world, with median annual global consumer price … inflation down from a peak of 16.6 percent in 1974 to 2.6 percent in 2017. This decline began in advanced economies in the mid …-1980s and in emerging market and developing economies in the mid-1990s. By 2000, global inflation had stabilized at …

economies, we find that the main driver of consumer price inflation is the global demand shock. A negative global demand shock …

employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …