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 …

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 …

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 …

The paper presents a model of conflict inflation to investigate the distributional effects of
energy price shocks. We argue that periods of high inflation are always periods of significant …

We estimate a multi-country multi-sector New Keynesian model to quantify the drivers of
domestic inflation during 2020–2023 in several countries, including the United States. The …

We estimate indicators of aggregate demand and supply conditions based on a structural
factor model using a large number of inflation and real activity measures for the United …

Beginning in mid‐2021, US food prices surged at the fastest pace in decades, due to
pandemic‐related supply chain and labor shortages, rising transportation costs and wages …

What drives the recent inflation surge? To answer this question, one must decompose
inflation fluctuations into the contribution of structural shocks. We document how whimsical …

A trend-cycle BVAR decomposition investigates the role of different slow-moving trends–ie,
globalization, expectations, automation, labor demand and supply–in shaping the slow …

How did inflation get so high, and what are its main drivers? This question is at the center of
the academic and policy debate right now. Its answer is crucial for policymaking. In this note …