economic activity, inflation and government debt in face of an occasionally binding lower bound on the nominal interest rate in … policy, the optimal fiscal policy rule features a strong counter-cyclical response to the deviation of inflation from the … inflation significantly improves welfare and reduces the lower-bound frequency. In addition, the optimal simple monetary and …

In this paper we report results on inflation persistence using 79 inflation series covering the EU countries, the euro … area and the US for five different inflation variables. The picture that emerges is one of moderate inflation persistence … across the board. In particular we find euro area inflation persistence to be broadly in line with US inflation persistence …

This paper formalizes the process of updating the nowcast and forecast on out-put and inflation as new releases of data … Philadelphia surveys have a large marginal impact on the nowcast of both inflation variables and real variables and this effect is … sizeable. Prices and quantities affect the precision of the estimates of inflation while GDP is only affected by real variables …

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

straightforward recipe for mitigating the welfare costs and the systematic inflation shortfall associated with expectations …-driven liquidity traps. Raising the inflation target or appointing an inflation-conservative central banker improves inflation outcomes …

Can the aging process affect inflation? The prolonged decline of fertility and mortality rates induces a persistent … downward pressure on the natural interest rate. If this development is not internalized by the monetary policy rule, inflation … inflation found in the data for the euro area. In this model, continuing to follow the same rule makes inflation to be on a …

area (EA) and the US. The estimations show that until mid-2014 the ECB’s response to inflation was more forceful when … inflation was above 2% than below 2%. Since then, the ECB’s policy can be characterised as symmetric, and we quantify the … bound and a low neutral real rate, and find that it prescribes a stronger response to inflation and the output gap when …

. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation … determinants of inflation (such as fiscal policy, the business cycle, and openness to international trade), and the endogeneity of … systematically and robustly associated with lower inflation. The exact form of the monetary target matters somewhat (especially for …

non-atomistic unions. It is shown that concentrated labor markets call for more aggressive inflation stabilization. This …