's smaller agricultural sector and greater emphasis on manufacturing; and (e) Poland's lower inflation and higher level of …

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 …

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

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. …

Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic … growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the … reputation of central banks. Thus, central banks should not try to bring inflation back to the targeted level of 2%. Rather, they …