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 …

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 …

The challenge for stabilization policy presented by the COVID-19 pandemic stems above all
from disruption of the circular flow of payments, resulting in a failure of what Keynes (1936) …

We develop a multi-sector New Keynesian model to analyze the inflationary effects of
climate policies. Climate policies need not be inflationary, but can generate an inflation …

This paper studies the optimal conduct of monetary policy in a multisector economy in which
firms buy and sell intermediate goods over a production network. We first provide a …

Using disaggregated industry-level data, this paper empirically evaluates predictions for the
cross-sectional price change distribution made by input-output models with sticky prices …

We derive closed-form solutions and sufficient statistics for inflation and GDP dynamics in
multi-sector New Keynesian economies with arbitrary input-output linkages. Analytically, we …

Sectoral supply shocks can trigger shortages in aggregate demand when strong sectoral
complementarities are at play. US data on sectoral output and prices offer support to this …

We provide theory and evidence that relative price shocks can cause aggregate inflation
and act as aggregate supply shocks. Empirically, we show that exogenous positive energy …

In a production network, shocks originating in individual sectors do not remain confined to
individual sectors but permeate through the pricing chain. The notion of “pipeline pressures” …