-King, wavelets) as empirical measures of core money. The estimation results uniformly indicate that inflation and core money growth …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 …

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 examines the methods used by the Bank of Japan for the estimation of the output gap. Attention is paid to … the real-time estimation problem. After reviewing the evolution of output gap estimation at the Bank, I discuss advantages … and disadvantages of the various output gap measures. First, I examine the usefulness of the output gap for inflation …

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 …

prices across sectors, the costs of stabilisation under price-level targeting remain much higher than under inflation …

What are the effects of a higher central bank inflation target on the burden of real public debt? Several recent … proposals have suggested that even a moderate increase in the inflation target can have a pronounced effect on real public debt … inflation target. We find that moderate changes in the inflation target only have significant effects on real public debt if …

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 …