Inflation differentials in the Euro area are mainly due to a sustained divergence of wage developments across the Euro … inflation using unit labour cost (ULC) growth and applying PANIC (Bai and Ng, 2004) and cluster procedures (Hobijn and Franses …

of September 1914 into a long, grim war of attrition. The accumulated government debt and the suppressed inflation left a …

aggregate inflation and the higher-order moments of the distribution of relative price changes. Our empirical findings confirm … explanatory variable for the inflation rate. Further, the skewness measure also helps to explain shifts in the Phillips curve …

century-Germany. We show that wealthy savers responded to an increase in the expected inflation rate (and falling real … in the savings regime: the originally negative relationship between inflation expectations and savings was reversed into …

This paper analyzes how individual investors respond to inflation. We introduce a unique dataset containing information … on local inflation and security portfolios of more than 2,000 clients of a German bank between 1920 and 1924, covering … the hyperinflation. We find that individual investors buy less (sell more) stocks when facing higher local inflation. This …

estate, as well as the costs of public goods to develop alternative inflation measures in Germany since the introduction of … the euro. Real economic growth as well as median wage developments are reexamined in light of the alternative inflation …