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 …

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 …

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 …