model indexation regulates the sources of inflation persistence. When indexation is zero, the inflation gap is purely … forward- looking and inflation persistence depends only on the level of trend inflation, while full indexation makes the … inflation gap persistent and it eliminates the effects of trend inflation. We show that in the former case the optimal policy is …

responds to inflation and output volatility, especially during economic crises. This framework offers a promising alternative …

changes in inflation on fiscal policy. We find evidence of non-linear short-term effects of HICP inflation on the primary … an inflation turning point - beyond which its short-term (contemporaneous) impact on the primary balance starts being … the whole sample of euro area countries in 2022 (EA-19). Using an alternative measure of "inflation surprise" (available …

and disadvantages of the various output gap measures. First, I examine the usefulness of the output gap for inflation …

and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short …

In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a … to inflation and the output gap, we show that the empirically observed changes in U.S. inflation-gap persistence during … Benati’s (2008) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …

Reserve does not target inflation or react to inflation signals.ʺ Rather, the Fed reacts to the very realʺ signal sent by … the Federal Reserve largely ceased reacting to inflation or high unemployment, but continued to react when unemployment … for the effects of inflation and unemployment. -- Personal Income ; Wage Level ; Wage Differentials ; Price Level …

inflation and the extent of real wage rigidity but that these effects depend on the definition of reference norms (e.g. how … leadership (i.e. asymmetries in reference norms). -- Inflation Persistence ; Real Wage Rigidity ; Staggered Contracts ; Wage …