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 …

Is inflation (still) a global phenomenon? We study the international co-movement of inflation based on a dynamic factor … explains approximately 58% of the variation in headline inflation across all countries and over 72% in OECD economies. The … explanatory power of global inflation is equally high in a shorter sample spanning the time since 2000. Core inflation is also …

Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic … growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the … reputation of central banks. Thus, central banks should not try to bring inflation back to the targeted level of 2%. Rather, they …

There is no consensus over the importance of "global forces" on inflation. This study explores the role of structural … breaks in the inflation process, and their timing, whether it is common across countries, and the extent to which "global … forces" are relevant. Three conclusions stand out. Global inflation impacts inflation in both AE and EME, but the impact is …

The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of … continuing low inflation, but also its coexistence with rapid growth and low real interest rates. Unfortunately, the analysis … also leads to the conclusion that rising inflation, unwinding financial imbalances, or both, could easily follow the …

There has been mounting evidence that the inflation process has been changing. Inflation is now much lower and much … more effective. There is no doubt in our mind that this explanation goes a long way towards explaining the better inflation …. We argue that prevailing models of inflation are too country-centric, in the sense that they fail to take sufficient …

There is no consensus over the importance of “global forces” on inflation. This study explores the role of structural … breaks in the inflation process, and their timing, whether it is common across countries, and the extent to which ‘global … forces' are relevant. Three conclusions stand out. Global inflation impacts inflation in both AE and EME, but the impact is …

The inability of central banks to attain their target inflation rates in recent years has raised questions about the … extent to which central banks can control the inflation process. This paper discusses the evolution of thought and evidence … since the 1960s on the determinants of inflation and the role that should be played by central banks. The paper highlights …