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

money in forecasting euro-area inflation. We compare the predictive performance within and among various classes of … contains relevant information for inflation in some model classes. Money-based New Keynesian DSGE models and VARs incorporating …

The paper estimates two time-varying parameter models of Chilean inflation: a Phillips curve model and a small open …; forecasts that include the pre-announced inflation target as a regressor are relatively better; the Phillips curve model …

The paper evaluates the 24-month ahead inflation forecasting performance of various indicators of underlying inflation … and structural models. The inflation forecast errors resulting from model misspecification are larger than the errors …) overperform other measures over the monetary policy horizon and are leading indicators of headline inflation. Trimmed means …

advanced Europe, where wages are more closely related to inflation and inflation expectations in the short run, implying …

gradually through inflation differentials. Spillovers from tight credit conditions in each EA country are limited by direct …

that this may have contributed to more elastic aggregate supply in recent years, which is consistent with lower inflation …