This paper documents, for the first time in a systematic manner, the link between labor cost and price inflation in the euro area. Using country and sector quarterly data over the period 1985Q1-2018Q1 we find a strong link between labor cost and price inflation in the four major economies of the...

type="main" xml:lang="en" <title type="main">SUMMARY</title> </section> <title type="main">The euro and prices
DID EMU AFFECT PRICE SETTING AND INFLATION PERSISTENCE?</title> <p> Surprisingly not; or at least not directly. Using data on individual consumer prices and on sectoral inflation rates from six euro area countries spanning several years before and...</p>

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller...