Conti, Antonio M.; Neri, Stefano; Nobili, Andrea - Task Force on Low Inflation (LIFT) - 2017
Inflation in the euro area has been falling since mid-2013, turned negative at the end of 2014 and remained below … 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 …