After 2012, inflation has been unexpectedly low across much of the developed world and economists speak of a “missing … inflation” puzzle, namely inflation was expected to be higher on the back of an ongoing recovery. This paper investigates the … causes and consequences of low inflation in the euro area after 2012 and analyses whether monetary policy has been successful …

five years, where the euro area has, following a period of low inflation, navigated a global pandemic, Russia's invasion of … Ukraine and an unprecedented surge in inflation. The survey has evolved over time and provides not only a long time series of …. We show that, for each of the three main macroeconomic variables forecast - HICP inflation, real GDP growth and the …

movements do not have an impact on inflation, as aggregate rules of thumb mask substantial heterogeneities across countries … deviations of inflation from target, including those relating to exchange rate fluctuations. Moreover, under the effective lower … inflation. …

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area …, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings … are - i) Under the current monetary policy regime, the estimated degree of inflation persistence in the euro area is …

Price-setting Microdata Analysis Network (PRISMA) for the level of inflation that central banks should target. The micro … significantly positive inflation rate in France, Germany and Italy: the steady-state inflation rate, jointly maximising welfare in … up optimal inflation targets further. The welfare costs of targeting an inflation rate of zero, as suggested by monetary …

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area …, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings … are: i) Under the current monetary policy regime, the estimated degree of inflation persistence in the euro area is …

From 2013 up to the launch of the ECB’s strategy review in January 2020, inflation in the euro area was low and over …-predicted. This low inflation during the years 2013-19 can be attributed to a combination of interconnected factors. Cyclical … developments account for a substantial share of the fall in underlying inflation, mainly in the first part of the low inflation …

well as the improvements made to this measure of inflation since 2003 – finds that the HICP continues to fulfil the …. More generally, the paper also finds that auxiliary inflation measures can play an important role in the ECB’s economic and … monetary analyses. This applies not only to analytical series including OOH, but also to measures of underlying inflation or a …

The existence of nominal rigidities and inflation differentials between countries offers two of the main rationales for … an inflation buffer in a monetary union where monetary policy is oriented towards an area-wide inflation objective … strong argument for a positive inflation buffer to “grease the wheels” of the euro area economy – also in order to avoid the …

impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy …