competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to … shown that, in effect, this is an inflation tax, requiring high inflation countries to make transfers to low inflation …

, or of central bank conservativeness are associated with lower unemployment and inflation. However the forward shifting of … by governments concerned with the costs of inflation and unemployment, as well as with redistribution to particular …

inflation shock when the policymaker acts with commitment. We first show that, in the simplest New Keynesian model, fiscal … control of inflation. We then add endogenous public debt and show that the above result is no longer true. When the initial … adding endogenous capital accumulation and inflation persistence in the Phillips curve. …

under commitment. With a New Keynesian Phillips curve it is optimal to control inflation only through the use of monetary …

model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …

stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main … policy issues arising in a low inflation environment and their practical relevance so as to identify the main challenges … nominal wage or price rigidities? What does the low inflation environment imply about the relative importance and effects of …

at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … this loss function under weak assumptions may be estimated from realizations for inflation and output gap data even in the … parameters with respect to the inflation and output objectives during the Greenspan period. We formally test for and reject the …