near-term economic outlook, characterised by persistently low nominal interest rates and inflation, and in a lasting low …

policy-maker who cares less about the stabilisation of government spending relative to inflation and output gap stabilisation …-maker uses government spending more aggressively to stabilise inflation and the output gap in a liquidity trap than an authority …

on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We … that this over-proportionality is stronger for the fiscal multiplier on inflation than on output. We relate this finding to …

This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation … is difficult to find robust evidence of the fiscal policy stance or impulse impacting directly on inflation differentials …. We do find, however, support for an indirect effect of discretionary fiscal policy on inflation differentials working …

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