of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …

Despite closing output gaps and tightening labor markets, inflation has remained low inthe euro area. Based on an … augmented Phillips Curve framework, we find that thisphenomenon-sometimes attributed to low global inflation-has been primarily … causedby a remarkable persistence of inflation, keeping it low despite the reduction in slack. Thisfeature is shown to be …

of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …

observed and anticipated changes in inflation and other economic variables. This model provides a useful framework detailing … monetary policy and helping policymakers mainly to react strongly to inflation. …

We estimate a small structural model for inflation, the output gap, the domestic interest rate and the exchange rate … our rational expectations, forward-looking model, the interest rate channel on aggregate demand and the exchange … rational expectations models …

reference to a model of the macro economy as a whole. To this purpose, we estimate a small structural model for inflation, the … industrial countries. In particular, in the context of our rational expectations, forward-looking model, the interest rate …