inflation channels, that is, liquidity fuels housing market developments. …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

This paper studies the importance of money for inflation in the euro area. An inflation equation is derived from a … small model that combines the supply and demand for money with a Phillips curve and the assumption that inflation … expectations develop adaptively. The model's solution attributes an impact on inflation not to actual money growth but to its core …

In recent macroeconomic theory, relative price variability (RPV) generates the central distortions of inflation. This … paper provides first evidence on the empirical relation between inflation and RPV in the euro area focusing on threshold … effects of inflation. We find that expected inflation significantly increases RPV if inflation is either very low (below -1 …

experts? inflation expectations, we find that the model adequately captures the dynamics of household inflation expectations …

This paper assesses the performance of monetary indicators in predicting euro area HICP inflation out-of-sample over …. The results suggest that monetary indicators are still useful indicators for inflation in the euro area, but that a … inflation. …

We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007 in a traditional Phillips curve … to affect inflation through (the common part of) domestic demand and supply conditions. Our most important result is that … the common component of changes in unit labor costs notably affects inflation. We also find evidence that movements in …