Bernanke and Blanchard answer the question posed by the title by specifying and
estimating a simple dynamic model of prices, wages, and short-run and long-run inflation …

We answer the question posed by the title by specifying and estimating a simple dynamic
model of prices, wages, and short-run and long-run inflation expectations. The estimated …

The extent to which either supply or demand factors drive inflation has important implications
for economic policy. I propose a framework to decompose inflation into supply‐and demand …

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 …

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 …

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

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 …

This paper compares the COVID-19 recession in the euro area (EA) and the US using an
estimated multi-region New Keynesian macroeconomic model. To capture quarterly …