the ECB’s UMP on inflation expectations in the Euro area as inflation expectations play a key role for achieving the … inflation target of below, but close to 2%. Quantifying the impact of UMP is not straightforward, as standard empirical tools … indeed find that UMP leads to a rise in inflation expectations in the short run but that this effect appears to evaporate in …

useful information about variables such as commodity prices which matter for aggregate demand and thus inflation. Given this …

losses for the ECB and try to assess inflation dangers stemming from the 3Y LTROs. In the same section, we also look at the …

inflation-free euro plays a crucial role for European economic and political integration. We conclude that monetary policy must … keep a very close eye on money supply if it wants to prevent consumer and/or asset price inflation. …

. Moreover, our analysis has shown that liquidity will first show up in asset price inflation and only later in consumer goods … inflation. This renders it difficult for central bank to exit from their current very expansive monetary policy stance if they …