This paper extends the existing literature on the uniqueness and stability conditions for an equilibrium under inflation-forecast-based (IFB) rules. It shows that, for a variety of New Keynesian sticky-price and sticky-inflation models, these are a function not just of the degree of...

This paper presents evidence on the lag between monetary policy actions and the response of inflation in the euro area as a whole and in Germany, Italy and France. In line with findings for the US and the UK, results here show that this lag is longer than one year both in the euro area and in...