In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of … the model to account for the joint dynamics of output and inflation rely on its ability to explain the dynamics in the …

adoption of monetary targets, the SNB was able to reduce the inflation trend to low levels. However, it was less successful in … preemptive policy stance. At the end of 1999, the SNB abandoned monetary targeting in favour of an approach based on inflation …

We build a stylised 12-country model of the euro area and use it to analyse why differences in national inflation and … growth rates arise within the European monetary union. We find that inflation persistence is a key potential explanatory … mechanism across countries, count less. We also look at how a monetary policy geared to area-wide average inflation affects …

principal components estimator, suited to estimate systems of fractionally cointegrated processes. The proposed core inflation … measure is the scaled common persistent factor in inflation and excess nominal money growth and bears the interpretation of … monetary inflation. The proposed measure is characterised by all the properties that an u0093idealu0094 core inflation process …

the determination of inflation and output in the euro area and the existence of a non-vertical long-run Phillips curve …