model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …

facts: (1) Macroeconomic shocks explain only about 15% of sectoral inflation fluctuations; (2) The persistence of sectoral … inflation is driven by macroeconomic factors; (3) While disaggregated prices respond quickly to sector-specific shocks, their …

Observed inflation targets around the industrial world are concentrated at two percent per year. This paper … investigates the extent to which the observed magnitudes of inflation targets are consistent with the optimal rate of inflation … of inflation ranges from minus the real rate of interest to numbers insignificantly above zero. Furthermore, we argue …

This paper has three parts. Part 1 constructs a classical economic model of inflation, augmented by a complete set of … core monetary model explains the history of inflation after WWII and Part 3 provides evidence to show that the … unconventional monetary policy, followed in the wake of the 2008 financial crisis, was effective in stabilizing inflation …

without limit. Deflation, inflation below target, ‘lowflation’, ‘subflation’, liquidity traps and the deficient demand …