We examine both the degree and the structural stability of inflation persistence at different quantiles of the … conditional inflation distribution. Previous research focused exclusively on persistence at the conditional mean of the inflation … rate. As economic theory provides reasons for inflation persistence to differ across conditional quantiles, this is a …

We examine both the degree and the structural stability of inflation persistence at different quantiles of the … conditional inflation distribution. Previous research focused exclusively on persistence at the conditional mean of the inflation … rate. As economic theory provides reasons for inflation persistence to differ across conditional quantiles, this is a …

Central banks face uncertainty about the true location of the effective lower bound (ELB) on nominal interest rates. We …

In this paper we reconsider the degree of international comovement of inflation rates. We use a dynamic hierarchical … factor model that is able to decompose Consumer Price Index (CPI) inflation in a panel of countries into (i) a factor common … to all inflation series and all countries, (ii) a factor specific to a given sub-section of the CPI, (iii) a country …

In this paper we reconsider the degree of international comovement of inflation rates. We use a dynamic hierarchical … factor model that is able to decompose Consumer Price Index (CPI) inflation in a panel of countries into (i) a factor common … to all inflation series and all countries, (ii) a factor specific to a given sub-section of the CPI, (iii) a country …

The canonical New Keynesian model specifies inflation as the present-value of future real marginal cost. This paper … assess the model's ability to match the behavior of actual inflation. In accordance to the literature, the model fits Euro … data well at first sight. However, analyses of this kind disregard the considerable degree of uncertainty surrounding VAR …

of model uncertainty. If the degree of model uncertainty becomes more heterogenous, inflation volatility falls due to …We introduce heterogeneity into a monetary policy committee by allowing the degree of model uncertainty to differ … derived. The reason is that inflation, output and the interest rate are convex functions of each member's idiosyncratic degree …

of model uncertainty. If the degree of model uncertainty becomes more heterogenous, inflation volatility falls due to …We introduce heterogeneity into a monetary policy committee by allowing the degree of model uncertainty to differ … derived. The reason is that inflation, output and the interest rate are convex functions of each member's idiosyncratic degree …

In this paper we reconsider the degree of international comovement of inflation rates. We use a dynamic hierarchical … factor model that is able to decompose Consumer Price Index (CPI) inflation in a panel of countries into (i) a factor common … to all inflation series and all countries, (ii) a factor specific to a given sub-section of the CPI, (iii) a country …

The canonical New Keynesian model specifies inflation …