This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A … critical feature of the analysis is that we measure core inflation with the weighted median of industry inflation rates, which … is less volatile than the common measure of inflation excluding food and energy prices. We find that fluctuations in core …

This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at …some stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the …-traded sector as the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being …

function involving output and inflation gaps, increasing core spending would generate substantial welfare improvements …

curves display similar patterns of instability and to examine lead-lag patterns in how individual inflation series change. We …

cyclical and inflation conditions vary substantially among countries. Labor market policies during this first year will … unemployment, structural unemployment, and inflation may all be higher in the future as a result of the single currency. Although …

The paper discusses the choice between inflation targeting and monetary targeting as a strategy for the Eurosystem, the … the Eurosystem. The choice between inflation targeting and monetary targeting is, in effect, a choice between high and low … transparency. Inflation targeting and monetary targeting, in practice, imply similar policy decisions, but monetary targeting …

income, and the responsiveness of aggregate earnings, asset prices and inflation to monetary policy shocks. We quantify all …