estimates for inflation forecasting both in the short term (one-quarter and one-year ahead) and the medium term (two-year and …

regards the possibility of a time-varying mean of inflation. Moreover, we conduct a sensitivity analysis across different … of the Phillips curve occurring in the early to mid 1980s, but not in inflation persistence once the mean shift is … allowed for. As a result of the structural change, the Phillips curve became flatter around a lower mean of inflation. Second …

changes does not change much with inflation and does not react much to aggregate shocks; (vi) changes in inflation are mostly … consistent with the predictions of a menu cost model in a low inflation environment where idiosyncratic shocks are a more …

stochastic volatility. The evidence suggests that the APP had a significant upward effect on both real GDP and HICP inflation in … HICP inflation seems more marked in the medium term. Moreover, several channels of transmission appear to have been … activated, including the portfolio rebalancing channel, the exchange rate channel, the inflation re-anchoring channel and the …