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

transmission channels by which the purchases can be expected to affect economic activity and inflation. Then we assess the effects …

) the estimated policy rule becomes more inertial and less aggressive towards inflation; (ii) the ECB is confronted with a … more severe trade-off in the stabilization of inflation and the output gap. …

responses of output and inflation to monetary policy shocks between the two periods. The estimation of a DSGE model with several … economy as the result of a decrease in the degree of nominal rigidities and a shift in monetary policy towards inflation …

; (ii) the short-term nominal interest rate is set as a linear function of the deviations of inflation and real output from … inflation and output gap projections enlarges the set of interest rate rules associated with stable equilibria and helps agents … stabilize expectations and to speed up the learning process the response of the policy instrument to inflation should be …

bank have different information about the shock. We consider a linear policy rule where a pure inflation targeting central …

We explain why the macroeconomic effects of shocks to inflation of the same size, but opposite sign, are not … necessarily symmetric. All in all, the costs of deflation and disinflation tend to exceed those of inflation due to the presence … borrowing limits. When these constraints are binding, they can prevent monetary policy from closing the inflation gap, labor …