results suggest that euro-area inflation forecasts have reacted less to unemployment forecasts after the start of the … financial crisis but another cost measure (energy inflation) remains significant. This finding is consistent with a flatter … better anchoring of inflation expectations and increases in structural unemployment do not seem to find support in the survey …

results suggest that euro-area inflation forecasts have reacted less to unemployment forecasts after the start of the … financial crisis but another cost measure (energy inflation) remains significant. This finding is consistent with a flatter … better anchoring of inflation expectations and increases in structural unemployment do not seem to find support in the survey …

system. Real wages and wage inflation emerge as especially persistent following an import price shock, while price inflation …This paper investigates the persistence of aggregate wages and prices in Portugal assuming a model of a unionized … wages is attributable mainly to unemployment shocks (about 80 percent), whereas variation in the forecast errors of prices …

We develop a theoretical model that features a business cycle-dependent relation between output, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the co-efficient in the Phillips curve on the …

This paper studies factors behind inflation dynamics in the euro area, the UK and the US. It introduces a factor … inflation in the three economies. The FAVAR model framework is also applied to study the effects on inflation subcomponents in … the more recent past. The FAVAR models suggest that headline inflation in the three economies has reacted in a relatively …

In this paper we report results on inflation persistence using 79 inflation series covering the EU countries, the euro … area and the US for five different inflation variables. The picture that emerges is one of moderate inflation persistence … across the board. In particular we find euro area inflation persistence to be broadly in line with US inflation persistence …

The response of US inflation to the high levels of spare capacity during the Great Recession of 2007-09 was rather muted … inflation, and either the closing of this gap or non-linearities in the Phillips curve could lead to a sudden pick-up in … inflation. We revisit these issues by estimating Phillips curves over 1992Q1 to 2015Q1. Our main findings suggest that a Phillips …

breaks in the performance of most simple Phillips curves. Euro area inflation was particularly hard to forecast in the run … practitioners, we find that: (i) the key type of time variation to consider is an inflation trend; (ii) a simple filter-based output …

We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007 in a traditional Phillips curve … to affect inflation through (the common part of) domestic demand and supply conditions. Our most important result is that … the common component of changes in unit labor costs has a notable impact of inflation. We also find evidence that …

Is inflation persistence in the new EU Member States (NMS) comparable to that in the euro area countries? We argue that … show that due to frequent breaks in inflation time series in the NMS, parametric statistical measures assuming a constant …-varying mean leads to the reversal of this result and suggests similar or lower inflation persistence for the NMS compared to euro …