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Aguirre Osa, Idoia

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https://academica-e.unavarra.es/handle/2454/50722

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Aguirre Osa

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Idoia

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Economía

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0000-0002-0572-7124

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812033

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2023 - 20242
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    PublicationOpen Access
    The post-COVID inflation episode
    (Elsevier, 2024-07-22) Aguirre Osa, Idoia; Casares Polo, Miguel; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
    This study examined the recent inflation episode in the US using an estimated NK-DSGE model with endogenous unemployment fluctuations. We find that the US price inflation accelerated due to a sudden wage increase during the COVID-19 lockdown, the 2021 expansionary monetary policy, and price-push shocks in the quarters of a global surge in energy costs. The disinflation path predicts that further indexing prices or wages to lagged inflation will lead to higher wage inflation and slower price disinflation. Moreover, severely tightening the Fed's monetary policy will only slightly reduce inflation but increase unemployment.
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    PublicationOpen Access
    The post-covid inflation episode
    (2023) Casares Polo, Miguel; Aguirre Osa, Idoia; Economía; Ekonomia
    The recent inflation episode has been examined in an estimated NK-DSGE model with sticky wages and unemployement. The rise of US price inflation resulted from a combination of a sudden rise in 2020, the expansionary monetary policy in 2021 and price-push shocks in the quarters of a global rising on the cost of energy. The projections of the disinflation path indicate that if either prices or wages are further indexed to lagged inflation, wage inflation will be higher and the price disinflation will slow down. Also, a severe tightening of Fed's monetary policy will barely reduce inflation at the cost of higher unemployment.