, Germany and Italy for the period 1991.3-2004.4. Instead of imposing rational expectations, I use direct measures of inflation … lagged inflation, I find that only in France lagged inflation does not have explanatory power beyond predicting expected … inflation. This suggests that only in France the standard forward-looking NKPC effectively captures quarterly inflation dynamics. …

This study explores whether the NAIRU is a useful indicator of prospects for inflation in the Netherlands. Apart from …, for short horizons (two years or less) inflation forecasts turn out to be quite invariant to changes in the level of the …

national output gaps constructed turn out to significantly explain future changes in inflation. Moreover, the analysis also … reveals that an aggregate European output gap significantly precedes aggregate European inflation, as well as inflation in the … individual EU countries. These findings imply that an aggregate European output gap may serve as an inflation indicator for the …

monetary and inflation targeting. Similation results show that the 'costs' in terms of inflation and economic growth volatility … are by and large lowest in case of inflation targeting. Some attention is finally drawn to asymmetric shocks. …

monetary and inflation targeting. Similation results show that the 'costs' in terms of inflation and economic growth volatility … are by and large lowest in case of inflation targeting. Some attention is finally drawn to asymmetric shocks. …

essential to quantifying the level of inflation corresponding to any given unemployment rate. Next, we point out that the EMU … aggregation hypothesis. This implies that the level of inflation is now lower for any given level of unemployment, which eases the …

We study the effects of Central Bank transparency on inflation and the output gap. We thus identify a small analytical … model which concludes that transparency affects the variability of inflation and output and not their average levels. Then … however, about 50% of the variability in inflation. The relation between transparency and output volatility is less clear but …

expectations are important relative to the output gap in determining current inflation, the central bank should be less activist …

We study the effects of Central Bank transparency on inflation and the output gap. We thus first identify a small … analytical model which concludes that transparency affects the variability of inflation and output and not their average levels … explain however, about 50% of the variability in inflation. The relation between transparency and output volatility is less …