inflation and unemployment among EMS members since the late 1970s. This paper presents new empirical evidence for this … inflation countries -- France and Italy -- have experienced a decrease in tolerance for inflation relative to unemployment …. Germany and other low inflation countries, in contrast, appear to have experienced a decrease in tolerance for unemployment …

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area …, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings … are: i) Under the current monetary policy regime, the estimated degree of inflation persistence in the euro area is …

We build a stylised 12-country model of the euro area and use it to analyse why differences in national inflation and … growth rates arise within the European monetary union. We find that inflation persistence is a key potential explanatory … mechanism across countries, count less. We also look at how a monetary policy geared to area-wide average inflation affects …