house price inflation, strong private debt growth and low credit risk spreads. The results suggest that (i) monetary policy …

optimal inflation target for the asymmetric union is also discussed. … auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die …

employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

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 …

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

price setters to infer the central bank's future policy intentions, thereby making current inflation more responsive to … policy actions. This induces the central bank to pay more attention to inflation rather than output gap stabilization. Then …, transparency may be disadvantageous. It may actually be a policy-distorting straitjacket if the central bank enjoys low-inflation …

-maximizing central bank should react more aggressively to the inflation pressure generated by the more competitive economy. We extend the …