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 …

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 …

This paper investigates multivariate Beveridge-Nelson decomposition of key macro aggregate data. We find (a) inflation …

In this paper the long-run trend in RPI inflation (core inflation) for the UK over the 1961-1997 period is estimated …). In this context core inflation is directly linked to money and wage growth and interpreted as the long-run forecast of … inflation from a small-scale, cointegrated macroeconomic system …