unemployment rate has increased and economic activity has been sluggish. Changes in the implicit inflation target, viewed as low … frequency movements of inflation, might possibly explain these developments. To highlight this issue, the present study … estimates the dynamics of the implicit inflation target in the euro zone over the period 1970Q1 - 2004Q4. Based on a small …

monetary framework based on inflation targeting, containing input variables that are relative to the corresponding variables in … the common currency area. The policy rule is tested empirically for three inflation targeting countries converging to the … monetary policies among these euro-candidates. The Czech inflation targeting is forwardlooking relying on a sensible balance …

-looking, consistent with a monetary framework based on inflation-targeting containing input variables that are relative to the … corresponding variables in the common currency area. Robust forms of the policy rule are tested empirically for three inflation …. Both the Czech and the Polish central bank interest rate policies respond predominantly to changes in the inflation gap …

We assess whether euro area inflation expectations, as measured by break-even inflation rates (BEIRs), have remained … illiquidity or demand-supply imbalances, but not reflecting genuine inflation expectations and inflation risk premia. We estimate … a bivariate VAR with short-term and long-term BEIRs, allowing for measurement noise in both. Anchoring of inflation …