Why the post-pandemic US immigration surge barely moved inflation
The US experienced a large immigration surge between 2021 and 2024, which coincided with a period of high and then falling inflation. This column shows
When energy shocks bite harder: Non-linear inflation dynamics
The conflict in the Middle East has exposed the euro area to higher energy prices. Using a flexible empirical framework, this column shows that inflation
The return of inflation: Why ‘look through’ can backfire under incomplete information
Central banks facing post-pandemic inflation often considered ‘looking through’ supply shocks. Using a New Keynesian framework in which agents gradually learn whether a cost-push shock
The post-pandemic disinflation: Low sacrifice, high prices
By some criteria, the post-pandemic disinflation was a triumph for central banks in advanced economies: inflation fell sharply from 40-year highs while unemployment rates remained
