root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors … descriptive statistics. Subsequently, we set out the possible mismatches between price level convergence and inflation rates … factors on observed inflation rates first in an accounting framework and then by relying on panel estimations. Our estimation …

analyzed in the context of social and economic factors. The impact of GDP, level of inflation and unemployment, rates of salary …

Recent financial instability has called into question the sufficiency of low inflation as a goal for monetary policy … quantity theory, and their policy prescription of price stability supported by lender of last resort activities in the event of …, particularly Austrian theory which stressed the banking system’s capacity to generate relative price distortions and forced saving …

adjustments similar to that observed in microeconomic data, both for low and high inflation. Our setup is based on one fundamental …, and because it implies a large fall in the standard deviation of price adjustments as trend inflation increases. Even …-behaved when we change the steady state inflation rate, matching the data at least as well as Golosov and Lucas' model …