Domenico Giannone
@DomenicoGiannon
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Post-covid inflation was predominantly driven by unexpectedly strong demand forces. The inflationary impact of adverse supply shocks was less pronounced, even though these shocks significantly constrained economic activity.
New CEPR Discussion Paper - DP19377.The Drivers of Post-Pandemic #Inflation.Domenico Giannone @DomenicoGiannon @IMFNews @UW, Giorgio Primiceri @gprimice @NUEconomics @NorthwesternU.#CEPR_MEF #economics
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The simultaneous occurrence of tight financial conditions and soft economic conditions signals a recession. #economics #recession #finance #nowcasting #businesscycle. DP19483 Nowcasting recession risk # via @cepr_org
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When Are Central Bank Reserves Ample? . By Gara Afonso, Domenico Giannone, Gabriele La Spada, and John C. Williams. #CentralBankReserves.
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With @gprimice, we show that post-COVID inflation was predominantly driven by unexpectedly strong demand forces. In comparison, the inflationary impact of adverse supply shocks was less pronounced, even though these shocks significantly constrained economic activity.
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@gprimice With output already weakened by these unfavourable supply conditions, any attempt by the European Central Bank to further mitigate the demand-driven inflationary pressures—to maintain inflation near its 2-percent target—would have severely hampered an already anaemic recovery.
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@gprimice @ChrisGiles_ @VMRConstancio 1/2 @ChrisGiles_ is also concerned by contradictory results in “academic circles”. We reconcile these seemingly conflicting views by showing that energy prices are largely driven by the same fluctuations in aggregate demand that have ultimately generated inflation.
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@alexbhturnbull Their conclusions are not necessarily in conflict with ours because energy prices are largely driven by the same fluctuations in aggregate demand that have ultimately generated inflation. This point was also recently clarified by @ojblanchard1:
1. Tweet triggered by some of the discussion following the publication of my new paper with Ben Bernanke. To clarify an important point. Finding that pre-pandemic era inflation was mostly due to relative price movements, especially the relative price of commodities, and that the.
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@FerraraLaurent @F_Vend Thanks Laurent. In the paper we provide evidence of non-linearities that can be exploited to nowcast macroeconomic risks.
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