euro area. Instead of imposing rational expectations, direct measures, ie OECD forecasts, are used as empirical proxies for … OECD inflation forecasts perform relatively well as a proxy for inflation expectations in the euro area, since under this …

We examine developments in national contributions to euro area M3 for a sample of nine euro area countries during 1999 …–2005. We investigate the co-movements of national contributions with euro area M3 and discuss possible reasons for divergencies …

This paper examines euro area inflation dynamics by estimating open economy New Keynesian Phillips curves based on the … closed economy New Keynesian Phillips curve, euro area inflation dynamics are better captured by the open economy … of the New Keynesian Phillips curve is needed in order to capture the euro area inflation process properly. We also …

the euro area: the older expectations-augmented Phillips curve and the new Keynesian Phillips curve. The main focus is on … the euro area as a whole, although potential heterogeneity of inflation dynamics is also examined across eleven EMU … countries. According to the results, inflation expectations are central to the inflation process in all euro area countries. The …

, estimates of the present and forecasts, from OECD Economic Outlook and National Accounts. We set this up as a panel for the euro …

This paper examines empirical performance of three different Phillips curve specifications in the euro area. Instead of …

The present study examines empirically the inflation dynamics of the euro area. The focus of the analysis is on the … departure of expectations from rationality seems not to be powerful enough to totally explain the persistence of euro area … Phillips curve with a lagged expectations term. The results suggest that the euro area inflation process has become more …