People's expectations about future inflation play an important role in determining the current rate of inflation and so in the Monetary Policy Committee (MPC) meeting its remit. Measures of inflation expectations at both short and longer horizons have generally fallen over the past year. Despite...

We study the global inflation surge during the pandemic recovery and the implications for aggregate and sectoral Phillips curves. We provide evidence that Phillips curves shifted up and steepened across advanced economies, and that differences in the inflation response across sectors imply the...

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 fiscal measures, possibly expansionary, motivated by a desire to mute the effects of the increase in energy...