This paper investigates the implications of monetary policy rules during the surge and subsequent decline of inflation … or domestic inflation data called for raising interest rates in 2021 and well ahead of the rate increases implemented by …

losses for the ECB and try to assess inflation dangers stemming from the 3Y LTROs. In the same section, we also look at the …

normal inflation are present. These are the conditions which characterize the baseline scenario assumed here. [...] …

-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly … power of money growth for inflation is substantially lower in more recent sample periods compared to the 1970s and 1980s …. This cautions against using money-based inflation models anchored in very long samples for policy advice. …