, and Belgium and Malta being the largest losers. Governments are net winners of inflation, while the household (HH) sector …, while HHs in Finland and Spain turn out to be net winners of inflation. Considerable heterogeneity exists also within the HH … sector: relatively young middle class HHs are net winners of inflation, while older and richer HHs are losers. As a result …

We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries … substantial increase in the anchoring of long-term inflation expectations since EMU, particularly for Italy and Spain, which since …

inflation and output play an important role. In this Paper we illustrate how modern sticky-price dynamic stochastic general … distribution of the forecast, as well as various inflation risk measures that have been proposed in the literature. Finally, the …

inflation. Such results have been achieved in the eighties and the nineties by anchoring more tightly domestic monetary policy … inflation has been achieved independently from the lack of fiscal discipline. There are important interactions between the two …

issues in the EA and the US as well as to the higher institutional aversion of the ECB to inflation relatively to that of the …

competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to …It is widely recognised that the "one-size-fits-all" monetary policy of the euro-zone is a potential problem. How much … shown that, in effect, this is an inflation tax, requiring high inflation countries to make transfers to low inflation …

inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downward …