area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more forceful when … inflation was above 2% than below 2%. Since then, the ECB's policy can be characterised as symmetric, and we quantify the … bound and a low neutral real rate, and find that it prescribes a stronger response to inflation and the output gap when …

inflation volatility to zero. (iii) The statistical Phillips Curve changes substantially with policy instruments and activist … inflation hence the aggregate price level appears 'sticky' with respect to money shocks. (v) Discretion in monetary policy adds … current effective policy is only mildly activist and aims mostly to target inflation. …

-switchingDSGE model. We evaluate the relative contribution of each narrative to the explanation ofthe Great Inflation and the Great …

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. …

In a simple New Keynesian model, we derive a closed form solution for the inflation persistence parameter as a function … inflation and the output gap, we show that the empirically observed changes in U.S. inflation persistence during the period 1975 …) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …

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. …

This paper proposes a new method of estimating the Taylor rule with a time-varying implicit inflation target and a time …-varying natural rate of interest. The inflation target and the natural rate are modeled as random walks and are estimated using …

. Smaller Fed policy errors accounted for the fall in inflation volatility. Smaller supply shocks accounted for the fall in …