期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：The coronavirus (COVID-19) pandemic had a severe and extraordinary impact on the global economy during the first half of 2020. Economic activity across advanced economies was severely affected, and consumer price inflation declined on the back of these developments. The pandemic weighed on not only headline inflation but also underlying inflation measures, such as consumer price inflation excluding food and energy, which declined during the initial lockdowns and gradually rebounded thereafter. This pattern was shaped by the confluence of two key forces triggered by the crisis: weak demand and constrained supply. This box uses granular data on consumer spending and prices, together with a structural analysis using Bayesian Vector Autoregression (BVAR) models, to study their relative impact on inflation in key advanced economies outside the euro area.
