the inflation rate. Second, economic activity measures have been in the focus of the ECB before the financial crisis broke … out. Third, over the last decade, the role of economic activity for ECB monetary policy has decreased so that inflation …

Do central banks in Eastern European countries react asymmetrically and in a non-linear fashion to changes in inflation … and output? We tackle this question by expanding the standard Taylor reaction function for the four inflation targeting … countries Czech Republic, Hungary, Poland and Romania. We do so taking explicitly inflation rates below or above target and …

This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical … not there has been a synchronisation of business and inflation cycles among the EMU member countries over the years …

(close to) zero central banks can influence the infl ation expectations via quantitative easing. The unobservable inflation … inflation gap, money growth and the risk spread, the response to asset price inflation becomes more pronounced during the crisis …

(close to) zero central banks can influence the inflation expectations via quantitative easing. The unobservable inflation … inflation gap, money growth and the risk spread, the response to asset price inflation becomes more pronounced during the crisis …

inflation from the ECB's inflation target. The results provide support for two alternative interpretations of the definition of … price stability. First, the ECB dislikes inflation rates above two percent more than rates below two percent. Second, the … ECB policy responses to past inflation gaps are symmetric with respect to a target of 1.6 - 1.7 percent. The out …