We study how domestic and global output gaps affect CPI inflation. We use a New-Keynesian Phillips curve framework …1-2017Q4 period. We find broadly that both global and domestic output gaps are significant drivers of inflation both in … output gaps on inflation. …

model includes exogenous variables, or if the policy intervention changes the steady states, such as the inflation target. …

, in a strict inflation targeting regime the use of forward-looking data leads to a lower quality of monetary policymaking … especially in a strict inflation targeting regime. …

stronger bargaining position when they try to prevent a cut in money wages. If inflation is so low that some money wages have … to be cut, workers stronger bargaining position requires higher unemployment in equilibrium. However, inflation is more … stable when money wage rigidity binds, providing an incentive for monetary policy makers to choose a low target for inflation …

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 …

estate, as well as the costs of public goods to develop alternative inflation measures in Germany since the introduction of … the euro. Real economic growth as well as median wage developments are reexamined in light of the alternative inflation …

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

Is inflation (still) a global phenomenon? We study the international co-movement of inflation based on a dynamic factor … explains approximately 58% of the variation in headline inflation across all countries and over 72% in OECD economies. The … explanatory power of global inflation is equally high in a shorter sample spanning the time since 2000. Core inflation is also …

repression in domestic interest rates→to avoid an avalanche of foreign capital inflows that would threaten inflation and asset …