inflation. Through a novel consumption deflator decomposition, we show that import prices account for 40 percent of the average … convergence of inflation to target over the next two years. Monetary policy will thus need to remain restrictive to anchor …

Despite closing output gaps and tightening labor markets, inflation has remained low inthe euro area. Based on an … augmented Phillips Curve framework, we find that thisphenomenon-sometimes attributed to low global inflation-has been primarily … causedby a remarkable persistence of inflation, keeping it low despite the reduction in slack. Thisfeature is shown to be …

policy in reducing inflation. Specifically, a fiscal consolidation of 1 percent of GDP for two years and 0.5 percent in the …, while lowering inflation. It would also put the public debt-to-GDP ratio on a downward path, with the output costs reversing … risks. In the current context of elevated inflation in all euro area economies, the findings suggest two key takeaways …

Do euro area inflation expectations remain well-anchored? This paper finds that the protractedperiod of low (and below …-target) inflation in the euro area since 2013 has weakened theiranchoring. Testing their sensitivity to inflation and macroeconomic news … robustness to our conclusions. Results point to a significantimpact of inflation news over recent years that had not been …

into this search by providing two metrics-inflation forecasting and business cycle dating-against which different options …) inefficiency wedge performs best in inflation forecasting and production function methodology dominates in the prediction of …

“below, but close to 2 percent” to a formal symmetric inflation targeting regime in the euro area or from flexible to average … inflation targeting in the U.S. is shown to boost output and inflation in both regions. Meanwhile, the fiscal packages approved … output and inflation as changing the monetary policy frameworks . Simultaneously implementing these policies is mutually …

The perception that inflation dynamics in Sub-Saharan Africa (SSA) are driven by supply shocks implies a limited role … for monetary policy in influencing inflation in the short run. SSA's rapid growth, its integration with the global economy …, changes in the policy frameworks, among others, in the last decade suggest that the drivers of inflation may have changed. We …