positive at the onset of the episode, through promising higher inflation rates in future periods. We embed our theory into a … 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 …

on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We … that this over-proportionality is stronger for the fiscal multiplier on inflation than on output. We relate this finding to …

relationship between the key macroeconomic tools of maintaining macroeconomic stability: inflation and unemployment. Our empirical … findings showed that unemployment rate and inflation are positively associated in Uzbekistan, which contradicts with the … Phillips curve. However, we found the Okun’s law holds which indicates an unemployment rate and economic growth are negatively …