We develop a theoretical model that features a business cycle-dependent relation between output, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the co-efficient in the Phillips curve on the …

We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the coefficient in the Phillips curve on the …

economy an inflation bias arises due to the lobbying pressures of outsiders. Furthermore, it shows that if lobbying pressures … are high enough, an inflation bias cannot be avoided for any finite level of central bank independence. It also shows that …

inflation in the expected directions. Analysis of available policy records suggests that a contractionary monetary shock likely … impacts on real GDP and inflation in 2023 and 2024 …

hand and the inflation rate on the other hand. Empirically, we estimate this relationship by developing three different … markets for goods and services will push up inflation. We show the empirical relevance of the modified output gap for Spain …

with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the … interest rate bound, interest rates and monetary aggregates provided a misleading indicator as to the true stance of inflation …

with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the … interest rate bound, interest rates and monetary aggregates provided a misleading indicator as to the true stance of inflation …