residuals of the policy rule equation at these shock dates accordingly. In spite of its utmost agnostic nature, this approach …

This paper examines the causal effects of shifts in international food commodity prices on euro area inflation dynamics …%- 30% of inflation volatility. In addition, large autonomous swings in international food prices contributed significantly … to the twin puzzle of missing disinflation and missing inflation in the era after the Great Recession. Specifically …

aggregate demand gains momentum. If inflation also has inertia, the central bank still overheats the economy during the low …

an uncertainty shock. We find a significantly stronger response of real activity in recessions. Counterfactual …

output) shortly after a monetary policy shock. To overcome this problem, we propose to estimate the VAR parameters under the … “almost recursively identified approach with parameter restrictions” leads to a solution that avoids an estimation bias …

preferred model, almost 30 percent of the maximum effect of a shock still remains after ten years …