Common shocks, similarities in central bank reaction functions, and international trade
potentially produce common components in international inflation rates. This paper …

This paper revisits the issue of what factors produced the macroeconomic policies that led to
the Great Inflation of the 1970s. I emphasize that a satisfactory explanation should satisfy …

This paper provides evidence on the reliability of euro area real-time output gap estimates. A
genuine real-time data set for the euro area is used, including vintages of several sets of …

We have entered a world of conjoined monetary and macroprudential policies. But can they
function smoothly in tandem, and with what effects? Since this policy cocktail has not been …

Global inflation has risen sharply from its lows in mid-2020, on rebounding global demand,
supply bottlenecks, and soaring food and energy prices, especially since the Russian …

Why do policymakers and economists within a policymaking institution choose to throw
away a model and to develop an alternative one? Why do they choose to stick to an existing …

This paper develops a DSGE model which is shown to explain variation in the nominal and
real term structure as well as inflation surveys and four macrovariables for the UK economy …

The pickup in the US inflation rate to its highest rates in forty years has led to renewed
attention being given to the Great Inflation of the 1970s. This paper asks with regard to the …

Robert Engle received the Nobel Prize for Economics in 2003 for his work in time series
econometrics. This book contains 16 original research contributions by some the leading …

This paper investigates the possibility of shifts in the UK economy using a Markov switching
open economy dynamic stochastic general equilibrium (DSGE) model. We find …