Verlag:
National Bureau of Economic Research, Cambridge, Mass
Inflation has risen sharply in many countries since the COVID-19 outbreak. Economists have debated the underlying causes. In this paper, we examine the drivers of the global import price inflation, which peaked at approximately 11 percent a year. We...
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ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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Inflation has risen sharply in many countries since the COVID-19 outbreak. Economists have debated the underlying causes. In this paper, we examine the drivers of the global import price inflation, which peaked at approximately 11 percent a year. We find that a common global component closely tracks movements in aggregate U.S. import prices until late 2022. Afterward, idiosyncratic U.S. demand shocks started to dominate
