public finances. We show that when the ECB misses its inflation target this has large heterogeneous fiscal consequences for … missing their inflation targets. They are also sizeable …

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 …

whether these rules are necessary for the common monetary policy to be able to harmonize national inflation rates, and we …

Open economy macro theory says that when a country is subject to idiosyncratic macro shocks, it should have its own …

policy will temporarily aid debt sustainability through a temporary burst in inflation. The anticipation of a possible reform … links debt levels with inflation expectations. As a result, interest rates have two effects: they influence demand and … affect expected inflation in opposite directions. The expectations effect is linked to the impact of interest rates on public …

Post-covid inflation was predominantly driven by unexpectedly strong demand forces, not only in the United States, but … inflation near its 2-percent target---would have severely hampered an already anaemic recovery …

policy requires that inflation be stabilized at the union level. On the other hand, the relinquishment of an independent …