This paper analyses the response of inflation in the euro area to five macroeconomic shocks through the use of results derived from Eurosystem large-scale macroeconomic models. The main finding is that only a fiscal shock, and to a lesser extent a TFP shock, generate marked inflation...

The paper analyses the dynamic response of inflation to various economic shocks and investigates the sources of inflation persistence through a set of counter factual simulations. Analysis shows that inflation seems to be more persistent in Greece than, on average, in Euro Area. Inflation...

This paper analyses the response of inflation in the euro area to five macroeconomic shocks through the use of results derived from Eurosystem large-scale macroeconomic models. The main finding is that only a fiscal shock, and to a lesser extent a TFP shock, generate marked inflation...

Over the last 15 years the Greek economy has made significant progress towards macroeconomic stability with a remarkable degree of inflation containment both in levels and volatility. These changes in inflation dynamics have implications for the short term forecasting of inflation. This paper...

The main purpose of this paper was to achieve a judicious blend and an effective conjunction of purely judgmental forecasts and mechanical projections which take into account the determinants of inflation. The empirical results of the paper suggest that, for the current as well as for the...

Inflation is often assumed to affect all people in the same way. However, differences in spending patterns across households and differences in price changes across goods and services lead to a different inflation rate for each household. In this paper, we estimate inflation rates for various...