Ortega Eslava, Eva; Osbat, Chiara - 2020
combination of shocks that lies behind the cycle at any point in time has an impact on ERPT. Finally, monetary policy itself … affects ERPT. Credible and aggressive monetary policy reduces the observed ex post ERPT, as agents expect monetary policy to … effective lower bound, credible non-standard monetary policy actions result in greater ERPT to consumer prices. This paper …