of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro …

outlook for domestic inflation and output. We show that common approaches used to estimate interest rate spillovers tend to …

Despite closing output gaps and tightening labor markets, inflation has remained low inthe euro area. Based on an … augmented Phillips Curve framework, we find that thisphenomenon-sometimes attributed to low global inflation-has been primarily … causedby a remarkable persistence of inflation, keeping it low despite the reduction in slack. Thisfeature is shown to be …

“below, but close to 2 percent” to a formal symmetric inflation targeting regime in the euro area or from flexible to average … inflation targeting in the U.S. is shown to boost output and inflation in both regions. Meanwhile, the fiscal packages approved … output and inflation as changing the monetary policy frameworks . Simultaneously implementing these policies is mutually …