The post-COVID inflation episode
| dc.contributor.author | Aguirre Osa, Idoia | |
| dc.contributor.author | Casares Polo, Miguel | |
| dc.contributor.department | Institute for Advanced Research in Business and Economics - INARBE | en |
| dc.contributor.funder | Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa | |
| dc.date.accessioned | 2024-10-07T07:07:20Z | |
| dc.date.available | 2024-10-07T07:07:20Z | |
| dc.date.issued | 2024-07-22 | |
| dc.date.updated | 2024-10-07T07:01:09Z | |
| dc.description.abstract | 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. | en |
| dc.description.sponsorship | This work is supported by the Spanish government (research projects PID2021-127119NB-I00 and PID2020-118698GB-I00 from Ministerio de Innovación, Ciencia y Universidades). Open access funding provided by Universidad Pública de Navarra. | |
| dc.format.mimetype | application/pdf | en |
| dc.identifier.citation | Aguirre, I., Casares, M. (2024) The post-COVID inflation episode. Economic Modelling, 139, 1-15. https://doi.org/10.1016/j.econmod.2024.106824 | |
| dc.identifier.doi | 10.1016/j.econmod.2024.106824 | |
| dc.identifier.issn | 0264-9993 | |
| dc.identifier.uri | https://academica-e.unavarra.es/handle/2454/52010 | |
| dc.language.iso | eng | |
| dc.publisher | Elsevier | |
| dc.relation.ispartof | Economic Modelling, 139(2024), 106824 | |
| dc.relation.projectID | info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2021-2023/PID2021-127119NB-I00/ES/ | |
| dc.relation.projectID | info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PID2020-118698GB-I00/ES/ | |
| dc.relation.publisherversion | https://doi.org/10.1016/j.econmod.2024.106824 | |
| dc.rights | © 2024 The Author(s). This is an open access article under the CC BY-NC license. | |
| dc.rights.accessRights | info:eu-repo/semantics/openAccess | |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc/4.0/ | |
| dc.subject | Inflation | en |
| dc.subject | New Keynesian | en |
| dc.subject | Indexation | en |
| dc.subject | Monetary policy | en |
| dc.title | The post-COVID inflation episode | en |
| dc.type | info:eu-repo/semantics/article | |
| dc.type.version | info:eu-repo/semantics/publishedVersion | |
| dspace.entity.type | Publication | |
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