The present paper uses survey data on expected consumer price developments to analyse the role of inflation … expectations in the inflation process. The survey measures of price expectations are derived from the European Commission … estimates of the New Keynesian inflation model presented here underscore the importance of inflation expectations for the short …

output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or 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 …

cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … 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 …

and disadvantages of the various output gap measures. First, I examine the usefulness of the output gap for inflation …

significantly to the determination of inflation and of the dynamics of output. We estimate our model using a maximum likelihood … Geldmenge einen signifikanten Beitrag zur Erklärung der Inflation und der Dynamik des Bruttoinlandsprodukts leistet. Das Model …

The canonical New Keynesian model specifies inflation as the present-value of future real marginal cost. This paper … assess the model's ability to match the behavior of actual inflation. In accordance to the literature, the model fits Euro … and a completely failing model. Allowing for inflation inertia through backward-looking indexation narrows confidence …