Anna Lipińska

Focus We examine how tail risk in a country's production affects the benefits of international consumption risk-sharing. Our analysis unfolds in three steps. First, we develop (approximate) analytical results linking welfare gains from risk-sharing to key economic factors like country size, trade elasticity and trade openness. We also take into account more detailed statistical aspects – like variability, imbalance and the shape – of production patterns that do not follow a normal distribution.

HomeEconomyWorking papers Research Department Working Papers No. 2534 Abstract: This paper examines the drivers of the 2020–23 inflation surge, with an emphasis on the similarities and differences across countries, as well as the role that monetary policy frameworks might have played in shaping central banks’ responses. The inflation surge in the U.S. and abroad was set in motion by two global events: the COVID-19 pandemic and Russia’s invasion of Ukraine.