From 2013 up to the launch of the ECB's strategy review in January 2020, inflation in the euro area was low and over …-predicted. This low inflation during the years 2013-19 can be attributed to a combination of interconnected factors. Cyclical … developments account for a substantial share of the fall in underlying inflation, mainly in the first part of the low inflation …

From 2013 up to the launch of the ECB’s strategy review in January 2020, inflation in the euro area was low and over …-predicted. This low inflation during the years 2013-19 can be attributed to a combination of interconnected factors. Cyclical … developments account for a substantial share of the fall in underlying inflation, mainly in the first part of the low inflation …

designed. At the time, the main concern of the Governing Council was to anchor inflation at low levels in face of the … low-inflation environment has created the concrete risk of de-anchoring of longer-term inflation expectations. Addressing … low inflation is different from addressing high inflation. The ability of the ECB (and central banks globally) to provide …

well as the improvements made to this measure of inflation since 2003 – finds that the HICP continues to fulfil the …. More generally, the paper also finds that auxiliary inflation measures can play an important role in the ECB’s economic and … monetary analyses. This applies not only to analytical series including OOH, but also to measures of underlying inflation or a …

inflation targeting result in a binding lower bound one-fourth of the time as well as inflation and output exhibiting large … purchases. Makeup strategies, especially average inflation targeting with a long averaging window, perform better than inflation …

near-term economic outlook, characterised by persistently low nominal interest rates and inflation, and in a lasting low …

near-term economic outlook, characterised by persistently low nominal interest rates and inflation, and in a lasting low …

inflation, imperfect indexation, and a lower bound on the nominal interest rate. In this setup, a decrease in the steady … the inflation target of eighttenths the size of the drop in the real natural rate of interest is warranted. Absent an … increase in the inflation target, and assuming the effective lower bound prevents the European Central Bank from implementing …