We provide evidence on the fit of the hybrid New Keynesian Phillips curve for selected euro zone countries, the US and …

rate (the policy spread) for the euro area and the UK during the two main phases of the financial crisis that began in late … 2007. During the crisis, the policy spread exhibited signs of volatility, owing to the breakdown in interbank market … apparent in the post-Lehman collapse phase of the crisis for the euro area as financial CDS premia rose due to possible default …

Europe between democratically governed States with market economies. After six countries established the European Community …