A0313
Title: The evolution of global inflation pre and post pandemic
Authors: Christopher Otrok - Federal Reserve Bank of Dallas (United States) [presenting]
Abstract: The objective is threefold. First, it is documented how global and regional factors have changed in importance for country-level inflation pre and post-pandemic. This is done through the lens of a dynamic factor model to provide a narrative description of the evolution of inflation dynamics in a large panel of countries. Second, why inflation may comove across countries is investigated in the two time periods. This sheds light on the source of global inflation dynamics and how those sources have evolved during the recent period of high global inflation. Third, the efficacy of monetary policy is investigated to combat the different types of inflation (global, regional and country-specific). It is done for a number of countries to provide a contrast of the challenges to countries of different sizes and structures.
