regime during a deceleration in economic activity and with headline and core inflation remaining well below the FOMC's 2 … percent inflation target. Moreover, both short- and long-term inflation expectations were drifting lower. These developments …

Inflation in the euro area has been falling since mid-2013, turned negative at the end of 2014 and remained below … by means of sign restrictions, to inflation and economic activity. Shocks to oil supply do not tell the full story about … contractionary. A country analysis confirms that the negative effects of oil supply and monetary policy shocks on inflation was …