The post-covid inflation episode
Ver/
Fecha
2023Versión
Acceso abierto / Sarbide irekia
Tipo
Documento de trabajo / Lan gaia
Identificador del proyecto
AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2021-2023/PID2021-127119NB-I00
Impacto
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nodoi-noplumx
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Resumen
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 wage ...
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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. [--]
Materias
Inflation,
New Keynesian,
Indexation,
Monetary policy
Serie
Documentos de Trabajo DE - ES Lan Gaiak /
2301
Departamento
Universidad Pública de Navarra. Departamento de Economía /
Nafarroako Unibertsitate Publikoa. Ekonomia Saila
Entidades Financiadoras
Authors acknowledge financial support from the Spanish Ministry of Science and Innovation (research project PID2021-127119NB-I00)