Low inflation in advanced economies : facts and drivers / by Sanjana Bhatnagar ... [et al.].: FB3-7/2017-16E-PDF

"Core inflation has been persistently below target in most advanced economies since the global financial crisis. And it has weakened further in several advanced economies since 2016 despite gradually diminishing slack. Total inflation has also been subdued over most of this period, though much of its volatility since the crisis has been driven by energy price fluctuations. In this note, we take multiple approaches to help understand the dynamics driving core inflation. In Section 2, we delve into recent country-level developments in core inflation to identify any similarities in timing and sectoral drivers across advanced economies. In Section 3, we analyze the existence of any common underlying global trends in inflation across advanced economies. And finally, in Section 4, we examine the role of the domestic output gap and other potential drivers (such as inflation expectations, exchange rate movements, etc.) of inflation trends"--Introd., p. 1.

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