and actual nominal GDP in the McCallum rule, as well as the output and inflation gaps in the Taylor rule. We find a …

initial macroeconomic conditions of the simulations correspond to the high inflation environment of early 2022. The simulation … rational expectations for all Taylor rule parametrisations. Under hybrid expectations, the inflation rate is much more … persistent than under the rational expectations; three years is not enough to reach the inflation target of two percent, even for …

This paper investigates two stages of transmission through which inflation stabilization policy affects headline … inflation by estimating a threshold cointegration model. The paper finds that asymmetric monetary shocks passing-through food … headline inflation by means of stimulating food supply could unavoidably inflate food prices more than it could deflate it …

The paper examines the factors of global inflation acceleration in 2021-2022. We consider primarily the developed … economies, where rates of inflation over the last two years have exceeded multi-year highs and have significantly exceeded … target levels. We find that the cause of accelerating inflation was an imbalance between aggregate demand, which started to …