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The role of demand and supply factors in HICP inflation during the COVID-19 pandemic – a disaggregated perspective
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Prepared by Derry O’Brien, Clémence Dumoncel and Eduardo Gonçalves
Introduction
The economic impact of the coronavirus (COVID-19) pandemic is not a standard textbook shock. Instead the shock is multidimensional, with sources on both the external and the domestic side, on both the demand and the supply side, and at both the aggregate and the sector-specific level. This poses challenges for the assessment of inflation. Established relationships between inflation and its determinants may not hold up or may not be scalable, given the magnitude of disturbances in product and labour markets. Moreover, the increasing emphasis of the inflation literature on distributions rather than point outcomes for future inflation is relevant for analysing the impact that the COVID-19 shock has had o ....

Haute Normandie , Derry Obrien , Alberto Lentini , Lukas Henkel , Federico Rodari , Corporate Telephone , Microdata Analysis Network , Derryo Brien , Eduardo Gon , Harmonised Index , Consumer Prices , New Area Wide Model , Working Paper Series , Price Setting Microdata Analysis Network , European System , Central Banks , Telephone Survey , Schwarz Information , ஹாட் நார்மண்டி , டெர்ரி ஓபிறீேன் , ஆல்பர்டோ லெண்டினி , லுகாஸ் கோழி , பெருநிறுவன தொலைபேசி , எட்வார்டொ கோன் , நுகர்வோர் ப்ரைஸஸ் , புதியது பரப்பளவு பரந்த மாதிரி ,