variances for all series, and decreases in the variances of inflation and the output gap, without any need of sunspot shocks …

1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … that the Bundesbank – which is near-universally credited for sparing West Germany the Great Inflation – would also not have … been able to prevent the Great Inflation in the United States. The sheer implausibility of this result sounds a cautionary …

sectoral regional inflation rates and exhibits much less volatility than previous findings for the US indicate. We further …

patterns in economic activity and inflation following oil price shocks in the euro area. In the normal regime, oil price shocks … followed by sizeable and sustained macroeconomic fluctuations, with inflation and economic activity moving in the same … direction as the oil price. The responses of inflation expectations and wage growth point to second-round effects as a potential …

inflation. Second, conditional on available estimates of the impact of the FED's and the Bank of England's asset purchase …

exacerbate the effect of productivity and other macroeconomic shocks on output and inflation. By offering a possibility of …

out to be only a slowdown, and inflation never departed from levels consistent with the ECB's quantitative definition of …

prices together with moderate effects on GDP and inflation …