This type of research is extremely important now, as we try to adjust to the multiple shocks Europe and the world have suffered over the past three years.
While the dampening effects of globalization on low inflation in the pre-COVID era were overall deemed modest, the undoing of globalization, alongside the green transition, may well imply rapid and large level effects on the price level. As such, how we adapt to such persistent trade shocks is clearly of high value to central banks.