near-term using an event study of inflation around global recessions and a factor-augmented vector auto-regression (FAVAR …We analyze the evolution and drivers of inflation during the pandemic and the likely trajectory of inflation in the …) model. We report three main results. First, the decline in global inflation during the 2020 global recession was the most …

(FAVAR) approach. The results indicate that when examining the effects of oil price shocks, it is important to account for …

prices. The results evidence how Great Recession and COVID-19 pandemic are associated with higher inflation responsiveness …. Notwithstanding, the response of energy inflation gradually declines and, as a consequence, the medium-term pass-through from … international to domestic energy prices decreases from 1% to virtually zero in response to a shock rising real oil prices by 10 …

that the oil price passes through core inflation only via its effect on the whole economy. This pass-through is estimated …