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 …

implications for monetary policy as the central bank has to decide which inflation rate to target. Our results demonstrate that …

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

The past years were characterized by unprecedented rises in prices of commodities such as oil or wheat and inflation … indicate future CPI inflation and if they can be used as indicator variables for central banks or not. We apply various … strong link between commodity prices and CPI inflation in the 1970s and the beginning of the 1980s. For a more recent sample …

inflation persistence. The closer to zero this parameter, (i) the more firms tend to adjust on the intensive margin, reducing … wage in determining the marginal cost. This set-up produces realistic labour market figures together with inflation …

overly sensitive to monetary policy shocks, and that this is consistent with a model where long-term inflation expectations … are not anchored because agents must infer the central bankś inflation target from noisy interest rate movements. Using … inflation target - imperfect information about the target plays only a small role in un-anchoring expectations in their model …

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. …