persistence and volatility of inflation even though the underlying shocks are purely transitory. We also find that the persistence … and volatility become smaller as the inflation target becomes more credible, that is, the private agents' uncertainty …We analyse the interaction between private agents? uncertainty about inflation target and the central bank's data …

45% decreases and 55% increases. Fifth, price changes are sizeable compared to the inflation rate. The paper also … examines the factors driving producer price changes. It finds that costs structure, competition, seasonality, inflation and …

Moderation? can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility … trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long …-run downward trend, which was interrupted by the unification period. Second, the conditional, idiosyncratic firm level volatility …

From a theoretical point of view, greater trade openness affects firm-level volatility by …