inflation in the enlarged euro area, but only to inflation redistribution across countries if continuity of the monetary policy … framework is preserved. In the short term, unanticipated shocks to the real exchange rate may instead affect aggregate inflation … if member countries' economic structure differs. When comparing welfare, inflation and output stabilisation, we find that …

We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind …

In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of … the model to account for the joint dynamics of output and inflation rely on its ability to explain the dynamics in the …

principal components estimator, suited to estimate systems of fractionally cointegrated processes. The proposed core inflation … measure is the scaled common persistent factor in inflation and excess nominal money growth and bears the interpretation of … monetary inflation. The proposed measure is characterised by all the properties that an u0093idealu0094 core inflation process …

average inflation rate when the currency peg is more vulnerable to “busts” than “booms”. This interaction between …

coincide with a movement in the mean of the RND towards a weaker yen both against the US dollar and the euro, as well as with …