macroeconomic factors that drive markets (growth and inflation in the euro area and the US respectively and global risk appetite …

increase in fossil fuel price would lead to a sharp growth in price inflation and a severe contraction in real GDP, followed by …

; d) labour mobility. Temporary inflation and output growth differentials are likely in a common currency area since … prices and output adjustment is required to absorb shocks. In the euro area, output growth and inflation differentials are … also related to the ongoing catch - up process in some of the member countries. Persistent inflation differentials can have …

patterns in economic activity and inflation following oil price shocks in the euro area. In the normal regime, oil price shocks … followed by sizeable and sustained macroeconomic fluctuations, with inflation and economic activity moving in the same … direction as the oil price. The responses of inflation expectations and wage growth point to second-round effects as a potential …