This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A … critical feature of the analysis is that we measure core inflation with the weighted median of industry inflation rates, which … is less volatile than the common measure of inflation excluding food and energy prices. We find that fluctuations in core …

This paper presents a comprehensive examination of the determination and evolution of inflation expectations, with a … focus on emerging market and developing economies (EMDEs). The results suggest that long-term inflation expectations in …. Indeed, in EMDEs, long-term inflation expectations are more sensitive to both domestic and global inflation shocks. However …

prices and markups following the introduction of an official inflation target of 2 percent. Using a structural model to … price-change dispersion can be attributed to a decrease in the cross-sectional variance of inflation expectations. The lower … dispersion of inflation expectations results in a lower markup dispersion and a welfare gain equivalent to a 0.79 percent …