economy. This worsens the inflation-output tradeoff for monetary policy. The weaker monetary policy transmission is …

"Leaning against the wind" - a tighter monetary policy than necessary for stabilizing inflation around the inflation …

inflation. In the 2000s, even larger increases in the price of oil were associated with much milder movements in output and … inflation. Using a structural VAR approach, Blanchard and Gali (2009) argued that this reflected a change in the causal relation … from the price of oil to output and inflation. They then argued that this change could be due to a combination of three …

The paper analyzes the convergence of inflation rates in the group of more developed members of the Eurozone (core … countries). What are the characteristics and is the inflation process in these countries sufficiently homogeneous? Are the … analysed inflation rates converging, so that there is an indication that these countries tend to form the optimal currency area …

stabilizes inflation and output. The estimation of this model, which comprises forward-looking versions of the IS and the … this simple model matches the dynamic properties of the output gap, inflation and the interest rate in EMU quite accurately …. We also perform several exercises that show the response of output, inflation and interest rates to different kinds of …

. Macroeconomic outcomes are measured by the mean levels and the volatility of output (gaps), unemployment and inflation. We present … point inflation target appears to outperform a target range. Third, the (relative) performance of low-for-long (L4L … space is small, but if the space is larger these rules, while stabilizing inflation, may lead to more volatility in the real …

recalibrations were central in supporting inflation. For example, we find inflation would have fallen into negative territory without …

responses of output, inflation, labor share and the nominal interest rate to a supply shock as identified through a structural …