This paper analyzes the dramatic rise in US inflation since 2020, which we decompose into
a rise in core inflation as measured by the weighted median inflation rate and deviations of …

We develop a simple quantitative New Keynesian model aimed at accounting for the recent
sudden and persistent rise in inflation, with emphasis on the role of oil shocks and …

Geo‐political tensions and disruptions to global value chains have led policymakers to re‐
evaluate their approach to globalisation. Many countries are considering friendshoring …

We develop a multi-sector-country model with input-output linkages to study the effects of
sectoral demand and supply shocks within the global trade and production network. Using …

We study the causal effects and policy implications of global supply chain disruptions. We
construct a new index of supply chain disruptions from the mandatory automatic …

How should policymakers respond to the recent surge in inflation? This paper examines the
impact of global supply chain pressures on euro area inflation and the implications for …

" So we have now experienced an extraordinary series of shocks if you think about it. The
pandemic, the response, the reopening, inflation, followed by the war in Ukraine, followed by …

This paper builds on Baqaee and Farhi (2022) and di Giovanni et al.(2022) to quantify the
contribution of fiscal policy on US inflation over the December 2019 to June 2022 period …

The COVID-19 pandemic has led to an unprecedented shift of consumption from services to
goods. We study this demand reallocation in a multi-sector model featuring sticky prices …

Abstract Using a New Keynesian Phillips curve, we document the rapid and persistent
increase in the natural rate of unemployment, ut∗, in the aftermath of the pandemic and …