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 …

inflation stability and whether, in the presence of financial frictions, the optimal outcome can be realized or approached more … inflation targeting cum exchange rate stabilization and a price-level targeting are more suitable rules in minimizing …

accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks … Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die … Rechenschaftspflicht mittels Transparenz zu einer erwarteten niedrigeren Inflationsrate und einer geringeren Stabilisierung von …

We analyse the interaction between private agents? uncertainty about inflation target and the central bank's data … uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable … economic shocks as well as the perceived inflation target. Under those two uncertainties, the learning process of both private …

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. …

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

der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert … price setters to infer the central bank's future policy intentions, thereby making current inflation more responsive to …

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 …

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 …