Neither of these factors, by itself, was seen by the Board as having direct implications for monetary policy, although it was recognised that they would make reading the underlying economic trends more difficult over the months ahead. Global economic data generally continued to be strong in the early months of 2011, particularly in Asia but also in the United States and Germany.
(2000), “Low inflation, pass-through, and the pricing power of firms”, European Economic Review, Vol. 44, No 7, pp. 1389-1408. [16] The reality, of course, is much more complicated as digitalisation may affect competition in different ways. [17] See, for example, Cavallo, A. (2017), “Are Online and Offline Prices Similar? Evidence from Large Multi-channel Retailers”, American Economic Review, Vol.