Conti, Antonio M.; Neri, Stefano; Nobili, Andrea - Task Force on Low Inflation (LIFT) - 2017
the disinflation that started in 2013, as both aggregate demand and monetary policy shocks also played an important role …. The lower bound to policy rates turned the European Central Bank (ECB) conventional monetary policy de facto … contractionary. A country analysis confirms that the negative effects of oil supply and monetary policy shocks on inflation was …