) model for the United States (US) and the euro area (EA). The main features of the new open economy macro-economics (NOEM …

From 2013 up to the launch of the ECB’s strategy review in January 2020, inflation in the euro area was low and over …-term inflation expectations, in combination with monetary policy in the euro area being constrained by the effective lower bound … decades, but were in themselves not the main drivers of low inflation in the euro area from 2013 to 2019. However, as they …

. Evidence accumulated since 2003 suggests that nominal rigidities remain a prevalent feature of the euro area, with some … strong argument for a positive inflation buffer to “grease the wheels” of the euro area economy – also in order to avoid the … binding and particularly when productivity growth is low. Inflation differentials across euro area countries have tended to be …

(2012) estimated on euro area data. It investigates to what extent forecasts of inflation, GDP growth and unemployment by …

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area … are: i) Under the current monetary policy regime, the estimated degree of inflation persistence in the euro area is … moderate; ii) Retail prices in the euro area are more sticky than in the US; iii) There is significant sectoral heterogeneity …

We evaluate the ECB's monetary policy strategy against the underlying economic structure of the euro area economy, in …

. Our results show that given the current degree of openness of the US and euro area economies, the gains from monetary …

) model for the United States (US) and the euro area (EA). The main features of the new open economy macroeconomics (NOEM) are …