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 …

promptly identifying turning points in inflation. The focus of this paper is the so-called "cost-of-living" index, the most … used measure of Italian inflation. Our aim is to identify and test a model of its seasonal component, which is important in …

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 …

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 …

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 …