the international transmission of productivity improvements generate the observed degree of risk-sharing: one associated …

-oil import price shocks to euro area inflation at different stages of distribution (import prices, producer prices and consumer … large fraction of the variance in all price indices. They seem to have contributed largely to inflation in the euro area …

including a global liquidity aggregate. The impulse responses obtained show that a positive shock to extra-euro area liquidity …

This paper discusses the channels between openness and productivity and trade hampering factors. The stylized facts …

By placing store-level price data into bivariate Structural VAR models of inflation and relative price asymmetry, this … forecast error variance in inflation at the 12-month horizon. While the contemporaneous correlation between inflation and … relative price asymmetry is positive, idiosyncratic shocks lead to a substantial build-up in inflation only after two to five …

helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … worker, job creation and job destruction conditional on a shock to monetary policy. Moreover, allowing for variation of the …