This paper analyses the response of inflation in the euro area to five macroeconomic shocks through the use of results derived from Eurosystem large-scale macroeconomic models. The main finding is that only a fiscal shock, and to a lesser extent a TFP shock, generate marked inflation...

The existence of linkages between the agricultural sector and the rest of the economy points to the specificity of that sector and justifies why we can conceive of a macroeconomics of agriculture . The primary sector is characterized by product homogeneity, a pre-condition for the absence of...