In recent years, inflation in the euro area has failed to decelerate decisively while cyclical slack built up in the … analysis conducted on two decades of quarterly data covering 17 countries yields a yes on both counts. First, inflation is …

Post-covid inflation was predominantly driven by unexpectedly strong demand forces, not only in the United States, but … inflation near its 2-percent target---would have severely hampered an already anaemic recovery …

This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the … parallels. It is found that the poor reputation of the Bank of Japan (BoJ) is, at times, underserved. To be sure, there were …

area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more forceful when … inflation was above 2% than below 2%. Since then, the ECB's policy can be characterised as symmetric, and we quantify the … bound and a low neutral real rate, and find that it prescribes a stronger response to inflation and the output gap when …

area (EA) and the US. The estimations show that until mid-2014 the ECB’s response to inflation was more forceful when … inflation was above 2% than below 2%. Since then, the ECB’s policy can be characterised as symmetric, and we quantify the … bound and a low neutral real rate, and find that it prescribes a stronger response to inflation and the output gap when …

. Macroeconomic outcomes are measured by the mean levels and the volatility of output (gaps), unemployment and inflation. We present … point inflation target appears to outperform a target range. Third, the (relative) performance of low-for-long (L4L … space is small, but if the space is larger these rules, while stabilizing inflation, may lead to more volatility in the real …

inflation targeting result in a binding lower bound one-fourth of the time as well as inflation and output exhibiting large … purchases. Makeup strategies, especially average inflation targeting with a long averaging window, perform better than inflation …