We study the extent of global inflation synchronization using a dynamic factor model in a large set of countries over a … emerging market and developing economies) and to analyze commonalities in inflation synchronization across a wide range of … inflation measures. We report three major results. First, inflation movements have become increasingly synchronized …

We study the extent of global inflation synchronization using a dynamic factor model in a large set of countries over a … emerging market and developing economies) and to analyze commonalities in inflation synchronization across a wide range of … inflation measures. We report three major results. First, inflation movements have become increasingly synchronized …

We document that persistent and lagged inflation (with respect to output) is a world-wide phenomenon in that these … short-run inflation dynamics are highly synchronized across countries. In particular, the average cross-country correlation … of inflation is significantly and systematically stronger than that of output, while the cross-country correlation of …

euro area and Japanese inflation dynamics are best explained by Taylor-style contracts, while Buiter …-Jewitt/Fuhrer-Moore contracts perform somewhat better in fitting U.S. inflation dynamics. We are unable to fit Calvo-style contracts to inflation … backward-looking element. The completed model matches inflation and output dynamics in the United States, the euro area and …

Inflation co-moves across countries and several papers have shown that lags of this common inflation can help to … forecast country inflation. This paper constructs forecasts of common (or 'global') inflation using survey forecasts of country … inflation. These forecasts of global inflation have predictive power for global inflation at a medium horizon (12 months) but …

This paper shows that inflation in industrialized countries is largely a global phenomenon. First, the inflation rates … variance share that is associated with Global Inflation is not only due to the trend components of inflation (up from 1960 to …. The co-movement of inflation comes largely from common shocks. Global Inflation is a function of real developments at …

The paper addresses the issue of the co-movements of national inflation dynamics with a common factor of a global … dynamic. Based on the previous work of Ciccarelli and Mojon (2005) on global inflation the authors look at the more recent … global financial system by central banks around the world together with the massive fiscal deficit spending of governments 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 …