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Inflationary pressures and uncertainties related to the severity and duration of the coronavirus pandemic have been growing steadily in the last year. Different approaches to supporting labour force participation in Europe and the United States have led to different inflationary outcomes. In addition, the Russian war against Ukraine, which began on 24 February, has provided a definitive answer to questions about whether rising inflation is just temporary. The sharp increase in already volatile food and energy prices is presenting monetary policymakers with new challenges. The authors in this Forum consider how to respond to rising inflation, discuss why inflation is so hard to predict and examine whether long-term inflation expectations have de-anchored.

  • Inflation Developments in the Euro Area Since the Onset of the Pandemic

    Christiane Nickel, European Central Bank
    Gerrit Koester, European Central Bank
    Eliza Lis, European Central Bank

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  • European Inflation in an American Mirror

    Barry Eichengreen, University of California

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  • Why Did (Almost) No One See the Inflation Coming?

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  • On Returning Inflation to Target

    Catherine L. Mann, Bank of England
    Lennart Brandt, Bank of England

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  • The Inflation Surge of 2021-22: Scarcity of Goods and Commodities, Strong Labor Markets and Anchored Inflation Expectations

    Ángel Ubide, Citadel LLC

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  • Determinants of Inflation Expectations in the Euro Area

    Richhild Moessner, Bank for International Settlements, Basel, Switzerland; and CESifo, Munich, Germany.

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© The Author(s) 2022

Open Access: This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (https://creativecommons.org/licenses/by/4.0/).

Open Access funding provided by ZBW – Leibniz Information Centre for Economics.


DOI: 10.1007/s10272-022-1031-z

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