This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the … policy regime change associated with the start of EMU in 1999. The main findings are as follows. Steady-state inflation and … inflation uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly …

and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short …

, the effect on inflation is not significantly different from zero. This suggests that while the Japanese Quantitative … Easing experiment was successful in stimulating real activity in the shortrun, it did not lead to any increase in inflation …

policy shock leads to a persistent fall in international output, a drop in global inflation rates, a rise in international …

conclude that monetary policy shocks were not the major driver of output, inflation, or interest rates during the Great …