This paper studies the effect of monetary policy on inflation along the income distribution in several euro area …. On the one hand, different consumption shares imply that inflation by high-income households responds less to monetary … its reaction to monetary policy, which imply that inflation by high-income households responds more to monetary policy. …

-Wouters model and its forecasts of real GDP growth and inflation are compared with those from two extensions. The first adds … extensions improve the density forecasts of real GDP and inflation and their joint forecasts up to an eight-quarter horizon. We … find that adding financial frictions leads to a deterioration in the forecasts, with the exception of longer-term inflation …

In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …

principal components estimator, suited to estimate systems of fractionally cointegrated processes. The proposed core inflation … measure is the scaled common persistent factor in inflation and excess nominal money growth and bears the interpretation of … monetary inflation. The proposed measure is characterised by all the properties that an u0093idealu0094 core inflation process …

Trend inflation estimates for 12 of the largest Asian economies over 1995-2018 offer important insights on inflation … dynamics and inflation expectations. The disinflationary shocks that hit the region since 2014 were partly transitory, but … their effects have been different depending on the behaviour of trend inflation in each country. Countries with relatively …

on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We … that this over-proportionality is stronger for the fiscal multiplier on inflation than on output. We relate this finding to …