We document that about 33% of the core inflation basket in the euro area is sensitive to monetary policy shocks. We …. Estimations over different samples show that the impact of monetary policy shocks on sensitive core inflation has become larger …

We argue that long-run inflation has nonlinear and state-dependent effects on unemployment, output, and welfare. Using … anticipated inflation and unemployment. Second, there is also a positive correlation between anticipated inflation and … unemployment volatility. Third, the long-run inflation-unemployment relationship is not only positive, but also stronger when …

, we demonstrate that effort dampens the response of inflation to exogenous shocks. …

inflationary pressure. In this case, default and inflation risks can reinforce each other. …

Low and stable inflation requires an appropriate fiscal framework aimed at stabilizing government debt. Historically …, trend inflation is critically influenced by actual or perceived changes to this framework, while cost-push shocks only … account for short-lasting movements in inflation. Before the pandemic, a moderate level of fiscal inflation has counteracted …

inflationary pressure. In this case, default and inflation risks can reinforce each other. …

We document that about 33% of the core inflation basket in the euro area is sensitive to monetary policy shocks. We …. Estimations over different samples show that the impact of monetary policy shocks on sensitive core inflation has become larger …

Low and stable inflation requires an appropriate fiscal framework aimed at stabilizing government debt. Historically …, trend inflation is critically influenced by actual or perceived changes to this framework, while cost-push shocks only … account for short-lasting movements in inflation. Before the pandemic, a moderate level of fiscal inflation has counteracted …

. Finally, we demonstrate that effort dampens the response of inflation to exogenous shocks. …