level, after controlling for inflation expectations, and whether it is concentrated among those firms that are more exposed …

The empirical literature on the transmission of monetary policy to inflation in Italy has stressed the importance of … the exchange rate and, to some extent, of the demand channel; recently, the roles of inflation expectations and the fiscal … situation have been emphasized. This paper uses vector auto-regression to address this issue. The results suggest that inflation …

Since 2013 the inflation rate in the euro area has fallen steadily, reaching all-time lows at the end of 2014. Market …-based measures of inflation expectations (such as inflation swaps) have also declined to extremely low levels, which suggests … increasing concern about the credibility of the ECB in maintaining price stability. Inflation releases have often surprised …

Empirical studies of the shoe-leather costs of inflation are typically computed using M1 as a measure of money. Yet … moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in favour of the Fed�s current …

previous findings, the monetary policymaker has no incentive to adopt highly inflation-averse policies: too strong a reaction … to price shocks increases both inflation and output volatility; (3) partial transparency seems to enhance somewhat … welfare (but fully transparent policies do not); (4) a higher degree of transparency calls for stronger inflation aversion. …

This paper analyses the macroeconomic effects of a protracted period of low and falling inflation rates when monetary … terms (debt-deflation channel). In this scenario, even cost-push shocks that in normal circumstances would reduce inflation …

A prolonged period of low inflation, particularly in a situation of monetary policy rates near the zero lower bound …, can heighten the risk of inflation expectations de-anchoring from the central bank objective. The purpose of this paper is …/realized inflation and output. To do so we consider a simple New Keynesian model where agents, rather than being endowed with rational …