Recent empirical studies on the inflation-growth-relationship underline that inflation has negative growth effects … already under relatively modest rates. Most contributions to monetary growth theory, however, have difficulties in explaining … influence of inflation on factor substitution. It turns out that already in a simple neoclassical monetary growth model this …

Equilibrium correction models of the price level are often used to model inflation. Such models assume that the long …

-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 …

This paper offers an alternative explanation for the behavior of postwar US inflation by measuring a novel source of … end up generating a systematic inflation bias through the private sector expectations of a larger policy response in … recessions than in booms. Reduced-form estimates of US monetary policy rules indicate that while the inflation target declines …