AMRO：在小开放经济中全球供应链中断下的通货膨胀动态：贸易脆弱性、冲击波动性和货币政策立场的作用（英文版）

This paper examines the transmission of global supply-chain disruptions to inflation in small open economies, focusing on the joint roles of trade vulnerability, shock volatility, and monetary policy stance. Using panel local projections for ASEAN-5 economies, we find that inflation responses to global supply-chain pressure shocks display a delayed, hump-shaped profile. The point estimates suggest stronger responses in economies with greater trade vulnerability and more persistent effects dur