This paper analyses the Nairu in the Euro Area and the influence that hysteresis had on its development. Using the Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique is applied here using explicit exogenous variables. In...

Germany's CPI inflation stood at 6.1% in May 2023 and was thus more than one percentage point lower than in April 2023 (7.2%). Food prices contributed slightly less to inflation, but at 2.1 percentage points still almost seven times as much as usual. The contribution of household energy was nine...