The existence of nominal rigidities and inflation differentials between countries offers two of the main rationales for … an inflation buffer in a monetary union where monetary policy is oriented towards an area-wide inflation objective … strong argument for a positive inflation buffer to “grease the wheels” of the euro area economy – also in order to avoid the …

designed. At the time, the main concern of the Governing Council was to anchor inflation at low levels in face of the … low-inflation environment has created the concrete risk of de-anchoring of longer-term inflation expectations. Addressing … low inflation is different from addressing high inflation. The ability of the ECB (and central banks globally) to provide …

movements do not have an impact on inflation, as aggregate rules of thumb mask substantial heterogeneities across countries … deviations of inflation from target, including those relating to exchange rate fluctuations. Moreover, under the effective lower … inflation. …

productivity growth, the natural interest rate (r*), inflation trends and monetary transmission. While trade globalisation … by upward pressures, from the boost to global productivity associated with greater trade integration. Headline inflation …. Meanwhile, core inflation rates show a lower degree of commonality. Globalisation has made a rather modest contribution to the …

the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent … lagging behind the United States and Japan. Rising digitalisation has rendered price measurement more challenging, owing to …

inflation and inflation expectations in the euro area. It is part of a broader project coordinated by Bernanke and Blanchard to … provide a unified framework for analysing and comparing global inflation dynamics across the major world economic areas …, including US, euro area, Canada, UK, and Japan. The paper makes four main contributions. First, it estimates the model using …

From 2013 up to the launch of the ECB’s strategy review in January 2020, inflation in the euro area was low and over …-predicted. This low inflation during the years 2013-19 can be attributed to a combination of interconnected factors. Cyclical … developments account for a substantial share of the fall in underlying inflation, mainly in the first part of the low inflation …

well as the improvements made to this measure of inflation since 2003 – finds that the HICP continues to fulfil the …. More generally, the paper also finds that auxiliary inflation measures can play an important role in the ECB’s economic and … monetary analyses. This applies not only to analytical series including OOH, but also to measures of underlying inflation or a …