When I left Ainura’s container-shop at the Dordoi Bazaar in Bishkek, the capital of Kyrgyzstan, I found the market eerily quiet. I had not noticed the passing of time, while she generously shared her life story with me.

Walking towards the mini-bus stop at the square in front of the bazaar, the echo of her words mixed with the end-of-day soundscape at Dordoi: the heavy slam of container-shops’ metal doors and the resonant clang of heavy padlocks clicking into place.

High property taxes in Detroit deter national retailers from opening stores in the city. Sylvia Jarrus for The Washington Post via Getty ImagesDetroit’s borders encompass 139 square miles, a footprint large enough to fit Manhattan, Boston and San Francisco combined.

This box examines the mechanisms behind the aggregate and distributional effects of energy price shocks on euro area households, taking its cue from the recent surge in energy prices following the outbreak of the war in the Middle East. Drawing on a quantitative heterogeneous agent New Keynesian model calibrated to the euro area, it shows that energy price shocks reduce aggregate consumption through real income losses.

This paper studies the dynamics of U.S. sectoral producer prices in a large Bayesian Vector Auto Regression (BVAR) model where the Input-Output (IO) matrix is used to structure their long-run relationships. The model provides evidence of a sectoral spillover channel in driving headline inflation without imposing such a mechanism in the model’s structure.