by nearly double-digit inflation and undergoing massive changes in market structure during the process of transition and …-linear. Product-specific inflation is typically highly persistent. We find that market structure is an important determinant of … depends negatively on the price dispersion and positively on the individual inflation, seems consistent with predictions of …

inflation and in determining how monetary policy affects inflation and real economic activity. The Inflation Persistence Network …

facts: (1) Macroeconomic shocks explain only about 15% of sectoral inflation fluctuations; (2) The persistence of sectoral … inflation is driven by macroeconomic factors; (3) While disaggregated prices respond quickly to sector-specific shocks, their … traditional VARs; (5) Categories in which consumer prices fall the most following a monetary policy shock tend to be those in …

We use evidence from the term structure of inflation expectations implicit in the nominal yields and survey forecasts … of inflation to address the question of whether or not monetary policy is effective. We construct a model that …-neutral, subjective, and objective probability measures. We extract private sector expectations of inflation from this model and establish …

stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main … policy issues arising in a low inflation environment and their practical relevance so as to identify the main challenges … nominal wage or price rigidities? What does the low inflation environment imply about the relative importance and effects of …

model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …