Gnan, Ernest; Valderrama, Maria Teresa - In: Monetary Policy & the Economy (2006) 4, pp. 37-54
may have dampened inflation in the euro area: first, changed incentives for policymakers; second, global demand and supply … conditions. Our empirical evidence shows that the domestic output gap seems to have lost its influence on inflation in the euro … area; however, we cannot confirm that euro area inflation is instead significantly influenced by the global output gap …