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The recent decline in euro area inflation has triggered new calls for additional monetary stimulus by the ECB in order … inflation expectations, output gaps and other factors driving current inflation through the lens of the Phillips curve. It also … outputinflation nexus at low trend inflation. The note concludes from this evidence that the risk of a selfreinforcing deflation …
Persistent link: https://www.econbiz.de/10010400309
The recent decline in euro area inflation has triggered new calls for additional monetary stimulus by the ECB in order … inflation expectations, output gaps and other factors driving current inflation through the lens of the Phillips curve. It also … output-inflation nexus at low trend inflation. The note concludes from this evidence that the risk of a self …
Persistent link: https://www.econbiz.de/10010399795
alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the … reject the nominal contracting model in favor of the relative contracting model which induces more inflation persistence, we … in countries which transitioned out of a high inflation regime such as France and Italy. We close the model by estimating …
Persistent link: https://www.econbiz.de/10009765350
euro area and Japanese inflation dynamics are best explained by Taylor-style contracts, while Buiter …-Jewitt/Fuhrer-Moore contracts perform somewhat better in fitting U.S. inflation dynamics. We are unable to fit Calvo-style contracts to inflation … backward-looking element. The completed model matches inflation and output dynamics in the United States, the euro area and …
Persistent link: https://www.econbiz.de/10013320199
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies...
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