We investigate regime-dependent Granger causality between real output, inflation and monetary indicators and map with U … variables to explain variations in real output and inflation. We provide a comprehensive account of evolution of causal …

The paper analyses the reasons for Japan's persistently low inflation since the bursting of the Japanese bubble economy … (low inflation conundrum). It is shown that Japan experienced a structural break from a high-growth period with relatively … high inflation to a low-growth period with exceptionally low inflation since the early 1990s. We show based on a stylized …

. The analysis is conducted for five inflation targeting countries (the UK, Canada, Australia, New Zealand and Sweden) and … near future, namely central banks are perceived as more credible when sticking to their goal of keeping inflation at a low …, UIP holds better in inflation targeting countries, where monetary authorities appear to achieve a higher degree of …

is constructed for the German monetary sector based on M3, GNP, an inflation rate, a long-term interest rate and a short …-term rate which represents the policy variable of the DBB. Moreover, import price inflation is included as an exogenous variable …

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