The paper seeks to assess the current monetary policy stance of the European Central Bank (ECB). To do so, it analyses factors driving the inflation dynamics in the euro area (EA) and their potential persistence, drawing comparisons with the inflation drivers and policy response in the United...

The paper seeks to assess the current monetary policy stance of the European Central Bank (ECB). To do so, it analyses factors driving the inflation dynamics in the euro area (EA) and their potential persistence, drawing comparisons with the inflation drivers and policy response in the United...

This paper develops a new instrumental-variable (IV) approach to estimate the effects of different exchange rate regimes on bilateral outcomes. The basic idea is that the characteristics of the exchange rate regime between two countries (exchange rate variability, fixed or float, autonomous or...