creates consensus both on the average rate of inflation and the common response to asymmetric shocks to the participating … individually prefer lower inflation rates, and activity-related taxes for countries which would prefer higher inflation in absence … transfer mechanism can be characterized as a weighted average of the national "stand-alone" inflation rates, i.e. the rates …

-coordinated optimal fiscal policy rule government spending should react counter cyclically to the local output gap and inflation, while …

This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation … expectations affect both inflation and output, and, on the other hand, how inflation expectations reflect developments in these … variables. The analyses make use of a simple VAR model of inflation, inflation expectations and the output gap that allows for …

policy impacts inflation and real economic developments in China. The results indicate that the conduct of monetary policy in … aims to hit an inflation target by simply controlling the target interest rate. First, China’s monetary policy toolkit is …