are affected by the undershooting of the euro area inflation target. To shed light on this issue, we estimate an open …-economy, New Keynsian Phillips curve, in which we control for imported inflation. Regression results suggest that falling food and … energy prices have been the main disinflationary driver. But low core inflation in the euro area has also had a clear and …

Growth rates, inflation and interest rates are determined simultaneously in the UK. Depreciations of Sterling pounds … contribute to the growth by enhancing international competitiveness. Inflation from the growth of money, depreciation of Sterling …

protection against inflation, that is, whether they deliver positive real returns over a given holding period. …

We extend the `rational-partisan' model of inflation to allow for the effects of unemployment persistence on the … dynamics of inflation. We combine this model with the `exchange-rate-regime' model of inflation and examine the experience of … the United Kingdom. Outside the fixed exchange rate regime of Bretton Woods, persistently high inflation can be attributed …

impact on the economy—given better anchored inflation expectations and inflation being less responsive to variation in … Germany to confirm a weakening of monetary policy effectiveness over time with regards to unemployment and inflation. After …

has been a worsening in the trade-off between unemployment and inflation. The poor unemployment/inflation trade-off is due … (which does little to restrain inflation). …