Ortega, Eva; Osbat, Chiara - 2020
that lies behind the cycle at any point in time has an impact on ERPT. Finally, monetary policy itself affects ERPT …. Credible and aggressive monetary policy reduces the observed ex post ERPT, as agents expect monetary policy to counteract … bound, credible non-standard monetary policy actions result in greater ERPT to consumer prices. This paper recommends moving …