ECB paper finds new commodity transmission link for inflation

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A European Central Bank (ECB) working paper, published on August 21, studies the effect of global money demand shocks on inflation.

The authors, Luca Gattini, Huw Pill and Ludger Schuknecht, find that in addition to demand shocks affecting inflation, they also impact global commodity prices. In turn, global commodity price shocks can further affect inflation.

The paper notes that individual countries are unable to control the additional global transmission mechanism to inflation through

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