We develop a multisector, open economy, New Keynesian framework to evaluate how
potentially binding capacity constraints, and shocks to them, shape inflation. We show that …

The post-pandemic surge in inflation was accompanied by a surge in the corporate share of
profits. As a result, several economists and policy makers have given to it names such as …

Based on firm-level data in the French manufacturing sector, we find that firms adapt quickly,
strongly and through multiple channels to energy shocks, even though electricity and gas …

1 Le retour de l'inflation, à des taux jamais atteints depuis plus de 40 ans, fait légitimement
naître des débats sur les causes des hausses de prix, leurs conséquences économiques et …

We explore how, in the French manufacturing sector, producer prices vary with market
power during a severe episode of energy price hikes (between January 2020 and February …

Using an empirical stock‐flow consistent model, we simulate an imported inflationary shock
to analyze the macroeconomic impacts on the French economy. Facing the risk of a profit …

How do firms deal with increased labor costs as a result of stronger unions? Using plausibly
exogenous variation in Norwegian firms' union density, induced by changes to the tax …

This paper investigates the recent increases in natural gas prices and their propagation
effects via inflation expectations. Using a structural vector autoregression, we identify a euro …

Many countries around the world have witnessed a large rise in firm market power over the
last decades, as reflected in the secular increase in markups (De Loecker et al.(2020)) …

We study how businesses adjust to significant rises in energy costs. This matters for both the
current energy crisis and the longer-term shift towards Net Zero. Using firm-level real-time …