The Phillips curve is central to discussions of inflation dynamics and monetary policy. In particular, the New … Keynesian Phillips Curve is a valuable tool to describe how past inflation, expected future inflation, and real marginal cost or … an output gap drive the current inflation rate. However, economists have had difficulty applying the New Keynesian …

This paper studies the effects of global and domestic inflation shocks on core price inflation in 105 countries between … empirical results indicate that most of the variation in inflation among low-income countries over the past decades is accounted … for by external shocks. More than half of the variation in core inflation rates among low-income countries is due to …