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Inflation Dynamics in the Post-Crisis Period

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Abstract

Inflation rates in advanced economies experienced two consecutive puzzles during the period following the global financial crisis—unexpectedly high inflation from the end of 2009 to 2011 and unexpectedly low inflation from 2012 to the middle of 2014. We investigate these developments in two ways. First, we show that accounting for inflation expectations by households explains a significant share of the inflation puzzles at the international level. Second, we find that, for Canada, elevated competition in the retail sector is also important for understanding inflation dynamics in the post-crisis period.

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  • Christian Friedrich & Marc-André Gosselin, 2015. "Inflation Dynamics in the Post-Crisis Period," Bank of Canada Review, Bank of Canada, vol. 2015(Spring), pages 1-12.
    • Handle: RePEc:bca:bcarev:v:2015:y:2015:i:spring15:p:1-12
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    Cited by:

    1. Villarreal, Francisco G. & Kronick, Jeremy M., 2019. "Distributional impacts of low for long interest rates," Estudios y Perspectivas – Sede Subregional de la CEPAL en México 44666, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Simon Richards & Matthieu Verstraete, 2016. "Understanding Firms' Inflation Expectations Using the Bank of Canada's Business Outlook Survey," CESifo Working Paper Series 6090, CESifo.
    3. Juan Carlos Berganza & Pedro del Río & Fructuoso Borrallo, 2016. "Determinants and implications of low global inflation rates," Occasional Papers 1608, Banco de España.
    4. Jeremy Kronick & Farah Omran, 2019. "Inflation after the Crisis: What’s the Story?," e-briefs 293, C.D. Howe Institute.
    5. Yaxian Lu & Longguang Yang & Lihong Liu, 2019. "Volatility Spillovers between Crude Oil and Agricultural Commodity Markets since the Financial Crisis," Sustainability, MDPI, vol. 11(2), pages 1-12, January.
    6. Simon Richards & Matthieu Verstraete, 2016. "Understanding Firms' Inflation Expectations Using the Bank of Canada's Business Outlook Survey," Staff Working Papers 16-7, Bank of Canada.

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