indicate that conclusions may critically hinge on a selected ordering of variables. The dynamic correlation Cholesky …

commiting to keep interest rates low at the exit of the liquidity trap, to stabilize inflation today. 2. From debt … consolidated budget) monetary policy becomes subservient to fiscal policy, giving rise to more volatile inflation, output and … interest rates. Liquidity trap (LT) episodes are longer, however, the impact of interest rate policy commitments on inflation …

inflation volatility. …

The present paper studies the effect of monetary policy on inflation and output within a New Keynesian model with … transmission in two ways. First, the impact response of inflation and output to monetary policy shocks is less pronounced since the … response of expectations under EBL is muted. Second, the response of inflation is more persistent, since the interest rate …

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 …

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 …