We study equilibrium selection by evolutionary learning in monotone signalling games. The learning process is a development of that introduced by Young for static games extended to deal with incomplete information and sequential moves; it thus involves stochastic trembles. For vanishing trembles...

The headline inflation rate is subject to unpredictable, temporary, sector-specific shocks. Therefore, various measures of core inflation have been proposed to isolate the underlying or permanent inflation component. In this paper, a number of criteria are used to evaluate several statistical...

This article discusses and advocates extension of the traditional price index to include asset prices. A price index which reflects current asset prices would be of great help to those preparing monetary policy for EMU, and is particularly relevant in the current situation of low inflation as...

Countries differ as to financial structure. That goes also for countries taking part in the Economic and Monetary Union, EMU. As a result, the ECB's monetary policy does not necessarily affect economic activity and price developments in individual euro area countries to the same extent. The...