across the sample. Evidence in favour of a diminishing effect of oil price shocks on the output and inflation is found from … in the last part of the 1990s and, especially, for the CPI inflation in the 2000s. The most outstanding result is that … the oil price movements could explain at least some of the recent inflation, the main difference between these outcomes …

inflation and deflationary biases in inflation expectations. In a model with an occasionally binding zero-lower-bound constraint …, we show that an inflation bias as well as a deflationary bias exist as a steady-state outcome. We assess the predictions … of this model using unique individual-level inflation expectations data across nine countries that allow for a direct …

This paper focuses on the empirically observed relationship between demographic change and inflation and explores the … demographic change and inflation dynamics. We are the first to formally disentangle the two components of demographic change …: population size and structure, and determine how they separately affect inflation. We find that changes in population size are a …

real output are systematically understated by official estimates, such that a part of real growth is missing in the … published data. The underlying effect rests on overstated inflation estimates due to imputed prices for disappearing goods and … main results regarding understated real output growth lie in the range of 0:39 to 0:54 percentage points per year on …

Inflation and earnings growth can push some tax payers into higher brackets in the absence of inflation …-indexed schedules. Moreover, inflation may affect the composition of individuals’ income sources. As a result, depending on the relative … tax burden of labor and capital, inflation may decrease or increase the difference between before and after-tax income …

consolidated budget) monetary policy becomes subservient to fiscal policy, giving rise to more volatile inflation, output and … and output are moderate. "Keeping interest rates low" for a long period, does not result in positive inflation rates … exit from the LT, on inflation and output is substantial. In this case monetary policy accomplishes to turn inflation …

that our "effective" approach is superior when it comes to assessing the impact of exchange rate regimes on inflation … trading partners. Using our measure of effective exchange rate regimes in a standard empirical analysis of inflation … associated with significantly lower inflation rates. This challenges the established view that soft pegs do not matter - or are …