examines the usefulness of these estimates for inflation forecasting. Over this period, we find that the Federal Reserve … estimation techniques. In contrast to previous work, we also find no deterioration in forecast performance when inflation …

In this paper, we study the fit and the predictive performance of the Phillips curve for euro area inflation with … regard to different inflation series, time periods and predictor variables, notably different global factors. We compare the … prices, global consumer inflation, global economic slack and foreign demand. We find that traditional global indicators such …

since the early 1990s for a group of 9 economies, 5 of which explicitly target inflation, and ask: To what extent are … disagreements over forecasts of inflation driven by movements in relative prices? The empirical evidence leads to the following … conclusions. First, there is little doubt that IT has contributed to narrowing the forecast differences vis-a-vis U.S. inflation …

1980's. In particular, inflation persistence has declined sharply. The paper demonstrates that this decline is consistent …) the central bank more aggressively responds to inflation …

This chapter aims at assessing the long-run determinants and the short-run dynamics of inflation in each country … cointegrating VAR approach, which allows for a structural long-run analysis of inflation determinants along with an accurate … inflation differ in the countries belonging to the Euro Area, but also that cost-push factors have a considerable role in …

It has been widely argued that inflation persistence since WWII has been widespread and durable and that it can only be …

This paper addresses the relative importance of monetary indicators for forecasting inflation in the euro area in a … empirical question whether the group of monetary variables is relevant for forecasting euro area inflation. In our application …, we consider about thirty monetary and non-monetary indicators for inflation. Using this data, BMA provides inclusion …

Despite closing output gaps and tightening labor markets, inflation has remained low inthe euro area. Based on an … augmented Phillips Curve framework, we find that thisphenomenon-sometimes attributed to low global inflation-has been primarily … causedby a remarkable persistence of inflation, keeping it low despite the reduction in slack. Thisfeature is shown to be …

breaks in the performance of most simple Phillips curves. Euro area inflation was particularly hard to forecast in the run … practitioners, we find that: (i) the key type of time variation to consider is an inflation trend; (ii) a simple filter-based output …

This study analyzes global inflation synchronization and derives policy implications for the Korean economy. Unlike … previous studies that assume a single global inflation factor, this study investigates if inflation in Korea can be explained … further by other global inflation factors. Our principal component analysis provides three principal components for global …