switch from exchange rate to inflation targeting and adoption of a policy rule for the use of petroleum revenues. We find … that the long-run means of CPI and core inflation rates declined significantly until the mid-1990s and have since then … remained close to the inflation target of 2.5% from 2001 onwards. The persistence in especially CPI inflation has fallen during …

and a smooth estimated trend. Based on output growth and inflation forecasts and a comparison to revised output gap …

and inflation forecasts and a comparison to revised output gap estimates from policy institutions, they find that real …

estimated trend. Based on output growth and inflation forecasts and a comparison to revised output gap estimates from policy …

Inflation (PCCI), a measure of underlying inflation in the euro area. The PCCI reflects the view that underlying inflation … component of inflation. Methodologically, it relies on a generalised dynamic factor model estimated on a large set of … disaggregated HICP inflation rates for 12 euro area countries. For each individual inflation rate, we estimate a low …

policy rules: we model inflation to be stationary, with the output gap pinning down deviations of inflation from its …

strategies may be well described by Taylor rules with a time-varying inflation target, a time-varying natural rate of … benchmark model that does not account for changes in trend inflation and trend unemployment. …

strategies may be well described by Taylor rules with a time-varying inflation target, a time-varying natural rate of … currencies considered, outperforming a benchmark model that does not account for changes in trend inflation and trend …