{"title":"Global Inflation and Global Monetary Policy Tightening: Implications for the Euro Area","authors":"R. Moessner, Dora Xia, Fabrizio Zampolli","doi":"10.2478/ie-2023-0031","DOIUrl":null,"url":null,"abstract":"Since the outbreak of the COVID-19 pandemic, global factors have played a much more important role in shaping inflation dynamics than over the previous two decades. As a result, global monetary tightening has been synchronised to an unprecedented degree, bringing to the fore the importance of cross-country monetary policy spillovers through aggregate demand, exchange rate and financial channels. After reviewing recent inflation developments, the article discusses how exchange rate spillovers can put upward pressure on the inflation outlook complicating the assessment of the ECB’s monetary policy stance.","PeriodicalId":35662,"journal":{"name":"Intereconomics","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Intereconomics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2478/ie-2023-0031","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
引用次数: 1
Abstract
Since the outbreak of the COVID-19 pandemic, global factors have played a much more important role in shaping inflation dynamics than over the previous two decades. As a result, global monetary tightening has been synchronised to an unprecedented degree, bringing to the fore the importance of cross-country monetary policy spillovers through aggregate demand, exchange rate and financial channels. After reviewing recent inflation developments, the article discusses how exchange rate spillovers can put upward pressure on the inflation outlook complicating the assessment of the ECB’s monetary policy stance.
IntereconomicsEconomics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)
CiteScore
5.00
自引率
0.00%
发文量
66
审稿时长
16 weeks
期刊介绍：
Intereconomics publishes papers dealing with economic and social policy issues in Europe respectively in Euroland. The journal consists of the sections editorial, forum and articles. The editorial section contains brief comments on current questions of economic policy in Europe or effecting Europe. In the forum, several authors (researchers, politicians, representatives of trade unions and of employers associations etc.) voice their opinions on one particular current economic policy problem effecting Europe. The articles deal with economic policy issues and trends in Europe. They are mostly written by researchers in economics. Officially cited as: Intereconomics
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