Discussion of Understanding the international rise and fall of inflation since 2020

• 成果类型: Editorial Material
• 署名作者: Basu, Susanto
• 署名单位: Boston College; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2024.103685
• 发表日期: 2024
• 关键词: inflation; monetary policy; Covid era; Cross-country comparisons; supply shocks

摘要

This discussion comments on the ambitious paper, Understanding the International Rise and Fall of Inflation Since 2020, by Mai Chi Dao, Pierre-Olivier Gourinchas, Daniel Leigh, and Prachi Mishra. The strengths of the DGLM paper are manifest. There is much to learn from it, both about the commonalities of the inflation experiences of this large group of important countries and their differences, and I draw some lessons and policy implications. I will suggest that one could have learned even more if the authors had devoted some of their effort to comparing the recent global inflation episode to earlier experiences, and if they had related their empirical specification and results to predictions of models with search frictions.