criteria. We find that the optimal monetary policy should not only target inflation rates in the domestic sectors and aggregate … characterized by additional elements penalizing fluctuations of the CPI inflation rate, the nominal interest rate and the nominal … the CPI inflation rate and the nominal interest rate. The constrained optimal policy results in targeting the CPI …

This paper proposes a central fiscal capacity for the euro area that generates transfers in response to eurozone … achieved in response to the eurozone and regional shocks, while country-specific shocks were on average less severe and …

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 …