This article examines recent developments in household balance sheets using disaggregated data from an annual survey carried out by NMG Consulting on behalf of the Bank. The survey indicates that household debt levels remain well above historical averages, but are little changed since last year....

In the recent past, the empirical literature on the New Keynesian Phillips Curve (NKPC) has grown rapidly. The NKPC has been shown to describe satisfactorily the relationship between inflation and marginal cost both for the United States and the euro area. However, little attention has been...