Inflation has been off-target for some time in many economies, both advanced and emerging. Whereas advanced economies have mostly been experiencing inflation below target, the experience among emerging market economies has been more mixed. Inflation has been below target in several EMEs in Asia...

In a model of memory and selective recall, household inflation expectations remain rigid when inflation is anchored but exhibit sharp instability during inflation surges, as similarity prompts retrieval of forgotten high-inflation experiences. Using data from the New York Fed's Survey of...

Acting in parallel with changes in Thailand's inflation dynamics, the fall in inflation and inflation variability is a worldwide phenomenon that has coincided with accelerating globalisation. This paper explains that global factors have played an important role in changing the dynamics of...