The relationship between inflation and real GDP growth is one of the most widely researched topics in macroeconomics. At the same time, it is certainly not an exaggeration to claim that this nexus also stands at the heart of monetary policy, given the fact that low inflation in combination with...

Since the outbreak of the Corona virus, policymakers around the globe introduced numerous emergency measures such as the wearing of masks, restrictions to mobility and travel and the shutdown of large parts of the economy, including firms, workplaces and schools. The implementation of...