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 …

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 …

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 …

output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation. …

output or inflation as in the empirical quot;two-pillarquot; Phillips curves estimated in some recent contributions, it would … of ECB-style cross-checking does not require direct effects of money on output or inflation …