losses for the ECB and try to assess inflation dangers stemming from the 3Y LTROs. In the same section, we also look at the …

Can the aging process affect inflation? The prolonged decline of fertility and mortality rates induces a persistent … downward pressure on the natural interest rate. If this development is not internalized by the monetary policy rule, inflation … inflation found in the data for the euro area. In this model, continuing to follow the same rule makes inflation to be on a …

, effective revenue ceilings induce an increase in deficit, debt and inflation. Under many scenarios, including recurrent adverse …

-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly … power of money growth for inflation is substantially lower in more recent sample periods compared to the 1970s and 1980s …. This cautions against using money-based inflation models anchored in very long samples for policy advice. -- Bayesian VAR …

estimates for inflation forecasting both in the short term (one-quarter and one-year ahead) and the medium term (two-year and … measure appears superior to all others in all respects. - Output gap ; real-time data ; euro area ; inflation forecasts ; real …

inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an … inflation target eliminates this inflation bias, it creates a conflict between monetary policy and discretionary fiscal policy …

of the two elements leads to an inflation bias that is independent of the standard time-inconsistency bias. Secondly, we … an independent monetary policy. We find that inflation was the main determinant of central bank credit prior to 2007 …. After 2007, it closely follows unemployment in the respective countries. -- tragedy of the commons ; inflation bias ; credit …

interaction of the two elements leads to an inflation bias that is independent of the standard time-inconsistency bias. Secondly … correlated with unemployment, but not with inflation in the respective countries. -- tragedy of the commons ; inflation bias …