Adam, Klaus; Gautier, Erwan; Santoro, Sergio; Weber, Henning - 2021
target up from a level of zero percent, as suggested by the standard sticky price literature, to a range of 1.1%- 2.1% in … France, 1.2%-2.0% in Germany, 0.8%-1.0% in Italy, and 1.1-1.7% in the Euro Area (three country average). Differences across … zero inflation turn out to be substantial and range between 2.1% and 4.5% of consumption in present-value terms. …