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 …

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 …

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

handling of cointegration restrictions. This paper extends the Bayesian analysis of structural VARs to cover cointegrated … processes with an arbitrary number of cointegrating relations and general linear restrictions on the cointegration space. A …

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 …

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

inflation and the output gap, are unstable when estimated on euro area data and forecast poorly out of sample. We present an … argue reflects shifts in the publicu0092s perception of the long-run inflation objective. …