paper, I assess the implications of the zero lower bound in a DSGE model with financial frictions. The analysis shows that … as the management of expectations by the central bank or a counter-cyclical fiscal stimulus, may help recover the economy …

near-term economic outlook, characterised by persistently low nominal interest rates and inflation, and in a lasting low …

We present new empirical evidence for the US economy that inflation reduces the inequality of the earnings distribution … higher inflation on income distribution is shown to be rather small. However, we find that a longer duration between two …

patterns in economic activity and inflation following oil price shocks in the euro area. In the normal regime, oil price shocks … followed by sizeable and sustained macroeconomic fluctuations, with inflation and economic activity moving in the same … direction as the oil price. The responses of inflation expectations and wage growth point to second-round effects as a potential …

devoted to an analysis of the policy challenges which may be faced by the ECB and other major CBs once the pandemic emergency … comes to its end. Chapter 5 contains a summary and the conclusions of our analysis. …

stabilizing inflation, whereas under no debt concerns, monetary policy is very effective in stabilizing the macroeconomy. …