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Inflation targeting under political pressure
Historically, many emerging economies, particularly in Latin America, battled against persistently high and volatile inflation. Today, emerging economies continue to experience higher inflation than developed ones, and their central banks deviate more frequently from inflation targets. These patterns ...
Trade exposure and the evolution of inflation dynamics
The Phillips curve—the relationship between price inflation
and fluctuations in economic activity— is a central building block
of economic models that allow for nominal rigidities and are relied
upon by central banks around the world to gauge cyclical inflationary
pressures and forecast inflation. ...
Global drivers and macroeconomic volatility in EMEs: a dynamic-factor, general-equilibrium perspective
A common view held by academics as well as policymakers assigns an important role to global factors as drivers of fluctuations in economic activity in emerging market economies (EMEs). This follows naturally from the fact that these economies are often small and open to trade in global goods and capital ...