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 …

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

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

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 …

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 …