Eickmeier, Sandra; Moll, Katharina - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
price inflationhave small effects on CPI inflation while the impact of movements in the common componentof the output gap is … estimate monetary policy rules with common andidiosyncratic components of inflation and the output gap included separately … framework. We decompose output gaps and changes in unitlabor costs into common (or global) and idiosyncratic components using a …