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 …

policy rules and of the optimal unconstrained rule under commitment. The study reaches two main conclusions. First, inflation …

We propose a new core inflation measure for the Euro area which places the emphasis on the more lasting, i …. Unlike headline inflation, our baseline core inflation measure is highly correlated with ECB monetary policy decisions, which …

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 …