This paper examines the drivers of fluctuations in global inflation, defined as a common factor across monthly headline consumer price index (CPI) inflation in G7 countries, over the past half-century. It estimates a Factor-Augmented Vector Autoregression model where a wide range of shocks, including global demand, supply, oil price, and interest rate shocks, are identified through narrative sign restrictions motivated by the predictions of a simple...
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2023/12/18
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Policy Research Working Paper
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WPS10648
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1
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2023/12/18
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Disclosed
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What Explains Global Inflation
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Citation
Ha,Jongrim; Kose,Ayhan; Ohnsorge,Franziska Lieselotte.
What Explains Global Inflation (English). Policy Research working paper ; no. WPS 10648 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/099417212182324899