monetary policy. Since expectations affect demand, our theory shows economic fluctuations are mostly driven by varying demand … inflation volatility to zero. (iii) The statistical Phillips Curve changes substantially with policy instruments and activist … inflation hence the aggregate price level appears "sticky" with respect to money shocks. (v) Discretion in monetary policy adds …

frictions lead to imperfect risk-sharing among households with idiosyncratic labor incomes. I study implications of imperfect … risk-sharing for optimal monetary policy by documenting its impacts on the monetary transmission mechanism, the central … paper argues that the central bank should place a stronger emphasis on stabilizing inflation than it has, and failing to do …

cost channel theory. Taken together, the results of both panel data and time series analyses imply that the ECB’s low … interest rate policy has worked better for boosting inflation in Italy and Spain than in Germany. …

that costpush shocks play an important role in understanding historical changes in inflation persistence. …

cost channel theory. Taken together, the results of both panel data and time series analyses imply that the ECB's low … interest rate policy has worked better for boosting inflation in Italy and Spain than in Germany …

the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent …

We assess the effects of financial shocks on inflation, and to what extent financial shocks can account for the … shocks through sign restrictions. Our main finding is that expansionary financial shocks temporarily lower inflation. This … during the latest financial crisis. We then explore the transmission channels of financial shocks relevant for inflation, and …