supplies, outputs, inflation rates and interest rates. Nonetheless, it has been well documented that such variables little help …

We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European … aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while … simultaneous use of two inflation indexes over the euro area. …

the determination of inflation and output in the euro area and the existence of a non-vertical long-run Phillips curve …

The paper presents an incomplete competition model (ICM), where inflation is determined jointly with unit labour cost … growth. The ICM is estimated on data for the Euro area and evaluated against existing models, i.e. the implicit inflation …. There is, however, some support in favour of the (reduced form) AWM inflation equation. It is the only model that …

pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the …Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those … to properties of inflation expectations. Qualitative data on inflation expectations, as obtained from surveys, can be …

formation of a monetary union may induce changes that help harmonise inflation rates. The effect might be large if the …