Research Handbook on Inflation

Guido Ascari, Riccardo Trezzi (Herausgeber)

Buch | Hardcover

638 Seiten

2025
Edward Elgar Publishing Ltd (Verlag)
978-1-0353-2775-1 (ISBN)

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This Research Handbook provides a comprehensive overview of the multifaceted landscape of inflation studies, policy, and practice. Analysing theoretical and empirical literature on measuring inflation and on the drivers of inflation dynamics, it sheds light on developments in monetary policy over the past two decades.

With contributions from leading experts from across the globe, the Research Handbook on Inflation promotes informed decision-making and innovative approaches to address complex challenges in today’s dynamic economic environment. By focusing on recent economically impactful events such as the COVID-19 pandemic, while also covering key topics including inflation measurement, inflation dynamics, inflation expectations, forecasting, and central bank practices, contributors offer a panoramic view of inflationary phenomena.

Serving as an indispensable resource for scholars and students, this Research Handbook is essential to those researching macroeconomics, monetary policy, inflation, and business cycles. It is also beneficial to policymakers and practitioners.

Edited by Guido Ascari, University of Pavia, Italy and De Nederlandsche Bank, the Netherlands and Riccardo Trezzi, University of Pavia, Italy and Underlying Inflation, Switzerland

Contents
Introduction to the Research Handbook on Inflation 1
Guido Ascari and Riccardo Trezzi
PART I MEASURING INFLATION AND PRICE INDEXES THEORY
1 The theory of the price index 9
Georg Strasser and Riccardo Trezzi
2 Measurement issues 25
Brett Matsumoto and Anya Stockburger
3 Measurement and theory of core inflation 37
Martin Almuzara and Argia Sbordone
PART II INFLATION AND MONETARY POLICY
4 Inflation and monetary policy in medium-sized New Keynesian DSGE models 65
Günter Coenen, Falk Mazelis, Roberto Motto, Annukka Ristiniemi, Frank Smets, Anders Warne and Raf Wouters
5 The optimal inflation target: bridging the gap between theory and policy 103
Klaus Adam and Henning Weber
6 Monetary/fiscal policy mix and inflation dynamics 129
Francesco Bianchi, Leonardo Melosi and Anna Rogantini-Picco
PART III EMPIRICAL MODELING OF INFLATION DYNAMICS
7 Analysing inflation with semi-structural models 147
Thomas Hasenzagl, Filippo Pellegrino, Lucrezia Reichlin and Giovanni Ricco
8 The slope of the Phillips curve 173
Francesco Furlanetto and Antoine Lepetit
9 Monetary aggregates and inflation: a new view on an old relationship 193
Gianni Amisano and Roberta Colavecchio
PART IV DISAGGREGATING INFLATION DYNAMICS: PRICE SETTING MODELS AND PRICE CHANGES AT THE MICRO-LEVEL
10 Models of price setting and inflation dynamics 215
James Costain and Anton Nakov
11 Micro evidence: United States 247
Shaowen Luo and Daniel Villar
12 Price stickiness in the euro area 273
Luca Dedola, Erwan Gautier, Chiara Osbat and Sergio Santoro
PART V INFLATION EXPECTATIONS
13 Consumer and firm inflation expectations 305
Carola Binder and Jane Ryngaert
14 Professional forecasters and markets: the term structure of inflation expectations 333
S. Borağan Aruoba
15 Household disagreement about expected inflation 347
Salomé Fofana, Paula Patzelt and Ricardo Reis
16 Communication and inflation expectations 369
Klodiana Istrefi and Michael McMahon
PART VI OPEN ECONOMY AND GLOBAL INFLATION
17 An international perspective on inflation during the COVID-19 recovery 391
Luca Fornaro and Federica Romei
18 Sixty years of global inflation: a post-GFC update 403
Raphael Auer, Mathieu Pedemonte and Raphael Schoenle
19 Oil price shocks and inflation 433
Lutz Kilian and Xiaoqing Zhou
PART VII FORECASTING INFLATION
20 Inflation forecasting 455
Barbara Rossi
21 Nowcasting inflation 489
Edward S. Knotek II and Saeed Zaman
22 Forecasting inflation in the private sector: a practitioner viewpoint 511
Alan Detmeister, Laura Rosner-Warburton, Omair Sharif and Jess Eagel
PART VIII INFLATION AND MONETARY POLICY IN PRACTICE
23 Inflation targeting and monetary policy in practice: the experience of the Bank of Canada 523
Mikael Khan
24 Inflation targeting and monetary policy in practice: the experience of the Bank of Japan 535
Sohei Kaihatsu, Kazuhiro Masaki, Yu Sugioka, Kosuke Takatomi and Hiroki Yamamoto
25 Inflation targeting and monetary policy in practice: the experience of the Federal Reserve 549
Andrew Figura, David Lebow and Ekaterina Peneva
26 Inflation targeting and monetary policy in practice: the experience of the Bank of England 567
Simon Lloyd, Huw Pill and Galina Potjagailo
27 Inflation targeting and monetary policy in practice: the experience of the European Central Bank 585
Carlo Altavilla and Massimo Rostagno
28 Inflation targeting and monetary policy in practice: the experience of the Swiss National Bank 599
Carlos Lenz and Attilio Zanetti
29 Inflation targeting and monetary policy in practice: the experience of RBA and RBNZ 609
Renee Fry-McKibbin and C. John McDermott

Erscheinungsdatum	14.05.2025
Verlagsort	Cheltenham
Sprache	englisch
Maße	169 x 244 mm
Themenwelt	Wirtschaft ► Allgemeines / Lexika
	Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
	Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
ISBN-10	1-0353-2775-9 / 1035327759
ISBN-13	978-1-0353-2775-1 / 9781035327751
Zustand	Neuware