We analyse the adjustment of retail and services prices in a period of low inflation, using a set of individual price … data from the German Consumer Price Index which covers the years 1998 to 2003. We strong find evidence of time- and state …-dependent price adjustment. Most importantly, the differences in unconditionalʺ sectoral price flexibility are found to be linked to …

, neither the fat-tails of return data nor the price relationship between an asset of interest and the bench market portfolio …

price trend, i.e. the persistent component of measured inflation. This price trend is therefore assumed to be free of … transitory price movements. This paper focuses on an empirical analysis of data taken from the consumer price index for (western … procedure: statistical methods and methods based on economic theory. The latter include a new procedure which is based on the P …

System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht …