Understanding the Global Drivers of Inflation : How Important Are Oil Prices ? (English)

This paper examines the global drivers of inflation in 55 countries over 1970–2022. The paper estimates a Factor-Augmented Vector Autoregression model for each country and assess the importance of several global (demand, supply, and oil price) and domestic shocks. It reports three main results. First, global shocks have explained about 26 percent of inflation variation in a typical economy. Oil price shocks accounted for only about 4 percent of inflation...
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Citation

Ha,Jongrim; Kose,Ayhan; Ohnsorge,Franziska Lieselotte; Yilmazkuday,Hakan.

Understanding the Global Drivers of Inflation : How Important Are Oil Prices ? (English). Policy Research working paper ; no. WPS 10283; Paper is funded by the Knowledge for Change Program (KCP) Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/099047501242316215

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