We study how households adjust their medium-term inflation expectations under the new ECB strategy. We find that survey … respondents make little difference between the previous strategy of targeting inflation rates close to but below 2% and the new … strategy with a symmetric 2% target. Yet, participants informed that the ECB might tolerate rates exceeding the target for some …

We study how households adjust their medium-term inflation expectations under the new ECB strategy. We find that survey … respondents make little difference between the previous strategy of targeting inflation rates close to but below 2% and the new … strategy with a symmetric 2% target. Yet, participants informed that the ECB might tolerate rates exceeding the target for some …

sanctions, and part - and not the smallest one - is caused by the European Central Bank's printing money by hook or by crook in … the past and in the presence. This paper attributes inflation decisively to the overwhelming money creation by the …Part of the present inflation is caused by the breakdown of globalization, in particular supply chains, part is caused …

monetary analyses. This applies not only to analytical series including OOH, but also to measures of underlying inflation or a …. More generally, the paper also finds that auxiliary inflation measures can play an important role in the ECB’s economic and … well as the improvements made to this measure of inflation since 2003 – finds that the HICP continues to fulfil the …

method but, rather, the monetary policy rule applied and the interest rate used. That is, the results differ if … of monetary policy rules, for three different interest rates as the dependent variable. The results indicate that the … main source of differences in the forecast horizons and response coefficients is not the data sources or the computation …

effects. Part II considers alternative monetary policy options in a low inflation environment that prove limited and little … policy interest rates as their primary monetary policy tool and began to unwind their set of UMP measures. Assuming that … inflation has been tamed, will we be able to maintain sufficient distance from the ELB to rely broadly on policy rates? Or will …

's leverage on private-sector expectations for inflation and the ECB’s future policy actions so that expectations can act as … low inflation is different from addressing high inflation. The ability of the ECB (and central banks globally) to provide … objective in terms of a focal point or a range, or having both; whether the medium-term orientation of the ECB's policy can …

This working paper offers some considerations on the monetary policy framework of the European Central Bank. The trade …. inflation anchoring properties. This layout is then confronted with the policy framework in use in the euro area prior to the … policy framework could benefit from a rebalancing towards a formulation with stronger anchoring properties. The inflation aim …

accountable and transparently justifies its policy actions. As one of only two macroeconomic policies, the remit of monetary … facilitate monetary policy, increase the overall resilience of the euro area and bolster the international role of the euro. … policy is not limited to its primary objective of price stability. Preventing or reversing labor market hysteresis should …

’s leverage on private-sector expectations for inflation and the ECB’s future policy actions so that expectations can act as … low inflation is different from addressing high inflation. The ability of the ECB (and central banks globally) to provide … objective in terms of a focal point or a range, or having both; whether the medium-term orientation of the ECB’s policy can …