This paper uses text analysis to construct a continuous financial stress index (FSI) for 110 countries over each quarter during the period 1967-2018. It relies on a computer algorithm along with human expert oversight and is thus easy to update. The new indicator has a larger country and time...

This paper identifies over 100 inflation shock episodes in 56 countries since the 1970s, including over 60 episodes linked to the 1973-79 oil crises. We document that only in 60 percent of the episodes was inflation brought back down (or "resolved") within 5 years, and that even in these...

The surge in energy prices in 2022 has been a defining factor behind the increase in euro area inflation. We assess the impact of "unconventional fiscal policy," defined as the set of fiscal measures, possibly expansionary, motivated by a desire to mute the effects of the increase in energy...