linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

period of 1994-2008. Except for short-term forecasts of inflation and interest rates, it is as good as or clearly outperforms …

period of 1994-2008. Except for short-term forecasts of inflation and interest rates, it is as good as or clearly outperforms …

that the root cause is its inability to predict domestic and foreign inflation. This shortcoming leads us toward simpler …

better as well as jointly with inflation. For the marginal inflation forecasts, the same holds for the inner quarters of the …

-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest …