This paper introduces a new decomposition of euro area headline inflation into core, cyclical, and residual components. Our new core inflation measure, the structural core inflation rate, is the expected headline inflation, conditional to medium to long-term demand and supply-side developments....

Russia's brutal war against Ukraine has disastrous consequences for the country. Although an end to the war is currently not in sight, it is already clear that a huge international effort will be required to support Ukraine's reconstruction. At the Ukraine Recovery Conference in July, the...

Russia’s brutal war against Ukraine has disastrous consequences for the country. Although an end to the war is currently not in sight, it is already clear that a huge international effort will be required to support Ukraine’s reconstruction. At the Ukraine Recovery Conference in July, the...