surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian …

We use a joint model of macroeconomic and term structure dynamics to estimate inflation risk premia in the United … States and the euro area. To sharpen our estimation, we include in the information set macro data and survey data on … inflation and interest rate expectations at various future horizons, as well as term structure data from both nominal and index …

degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation … fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation …

that monetary policy shocks trigger a smaller response of GDP, but a larger response of inflation during low states of the … cycle. The shift in the inflation-output trade-off may result from higher macro-economic uncertainty in low leverage states …

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

after four years. Credit shocks have a positive effect on inflation and explain about 35% of the forecast error variance … inflation is insignificant and their share in explaining the forecast error variance negligible. For the US, regime 1 captures … periods of stable GDP growth, and low and stable inflation, combined with accelerating asset prices. We find procyclical …

, this allows the model to generate fluctuations of unemployment, vacancies, and labor productivity whose magnitudes are lose …

This paper analyses the determinants of inflation differentials and price levels across the euro area countries …. Dynamic panel estimations for the period 1999-2006 show that inflation differentials are primarily determined by cyclical … positions and inflation persistence. The persistence in inflation differentials appears to be partly explained by administered …