of inflation on growth and economic welfare. It is shown that the traditional approach to measure the welfare costs of … inflation may be misleading: It ignores the costs or benefits of the transition to the new steady state. This omission may bias … estimates of the total welfare gains to be achieved by reducing inflation and of the optimal degree of disinflation. It is also …

of inflation on growth and economic welfare. It is shown that the traditional approach to measure the welfare costs of … inflation may be misleading: It ignores the costs or benefits of the transition to the new steady state. This omission may bias … into account, the welfare gains of lowering inflation depend on the monetary policy rule and the fiscal response to …

This paper examines whether the clarity of central bank communication about inflation has changed with the economic … environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by … explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis …

of inflation risks. The empirical application shows that trading off monetary and macroprudential policy reduces the … overall costs related to inflation and financial instability. This can be achieved by changing the preferences of the central … bank, lengthening the monetary policy horizon and by a more flexible inflation target. Estimation results of a probit model …

This paper examines robust estimators of core inflation for Belgian historical CPI data, and for euro area Harmonised … outperform the traditional core inflation measures found in the literature. However, as traditional measures, they lag rather … than lead observed inflation. This was particularly so in the 70s and the 80s when the oil price shocks had substantial …

prices thereafter. Notwithstanding clear evidence of forward-lookingness, inflation persistence is substantial in both …

We find that regional inflation dispersion has not markedly increased since the start of EMU, although it is somewhat … higher than in other monetary unions (US and Germany), and that the distribution of member states' rates of inflation around … the euro area HICP inflation rate is characterised by a few outliers. In addition, an analysis based on economic weights …

Recently, it has often been argued that globalization eases the job of central banks as it helps to tame inflation …-Treaty) could or should reduce their efforts in the fight against inflation in favour of supporting the general economic policies of …

dynamics of the model are reduced to a representation in the output gap and domestic inflation, and depend on the degree of …