.S., using the bootstrap Granger (temporal) non-causality test and a fixed-size rolling-window estimation approach. We use … full-sample bootstrap non-Granger causality test result suggests the existence of a unidirectional causality running from … cannot rely on the full-sample causality tests and, hence, this warrants a time-varying (bootstrap) rolling-window approach …

.S., using the bootstrap Granger (temporal) non-causality test and a fixed-size rolling-window estimation approach. We use … full-sample bootstrap non-Granger causality test result suggests the existence of a unidirectional causality running from … cannot rely on the full-sample causality tests and, hence, this warrants a time-varying (bootstrap) rolling-window approach …

, inflation and unemployment, we detect a wrong sign in the response of inflation to contractionary monetary policy shocks … 1999-2019, when the Federal Funds Rate and the Euro-Dollar exchange rate are added to the VAR model inflation shows … significant unemployment inflation trade-off emerges. These conclusions are confirmed by using industrial production instead of …

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 …

growth, the inflation rate and the nominal interest rate (means, standard deviations and cross-correlations) are close to … observed variables. Shock decompositions of the output and the inflation rate revealed the driving forces of the business …