of inflation. The first part of the paper considers the ways in which the EMU is likely to affect inflation and cyclical …

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 …

fluctuations associated with these events are also discussed, as is their role in the recent surge of inflation, with a particular …

We measure the heterogeneous welfare effects of the recent inflation surge across households in the Euro Area. A simple … framework illustrating the numerous channels of the transmission mechanism of surprise inflation to household welfare guides our …; (ii) this inflation episode resembles an age-dependent tax, with the elderly losing up to 20%, and roughly half of the 25 …

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 …

actions are explained solely by its forecasts of inflation and real activity. Finally, we explore the possibility of …

economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged … inflation and the pre-Accord peg. In this counterfactual, debt/GDP declines only to 74% in 1974, not 23% as in actual history …

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 …