What drives the recent inflation surge? To answer this question, one must decompose inflation fluctuations into the … shocks unambiguously appear as the main drivers of the inflation surge in the United States, the euro Area, and in four small …

We assess the bivariate relation between money growth and inflation in the euro area and the United States using hybrid … statistically unstable across time in both regions. The effect that shocks to money growth has on inflation weakened notably after … monetary aggregates to inflation. …