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 …

Inflation has become much less sensitive to movements in unemployment in recent decades. A common explanation for this … change is that inflation expectations have become better anchored as a consequence of credible inflation targeting by central … unemployment gap which underlie the OECD’s Economic Outlook projections. The former OECD specification can be characterised as a …

A statistically significant relationship between the unemployment gap and inflation can be found for a clear majority … slack on inflation can often be dominated by other shocks, including imported inflation. The current Secretariat Phillips … curve specification assumes inflation expectations are anchored at the central bank’s target, although some experimentation …

This paper assesses the OECD’s projections for GDP growth and inflation during the global financial crisis and recovery … the slowdown and later the weak pace of the recovery – errors made by many other forecasters. At the same time, inflation …

relationship between the unemployment and the job vacancy rate. Using detailed administrative data on vacancies and registered … because mismatch increased substantially. Looking on the regional and skill dimension of mismatch unemployment, we find a … substantial increase of mismatch unemployment for manual routine tasks as well as for the region of Vienna. …