After 2012, inflation has been unexpectedly low across much of the developed world and economists speak of a “missing inflation” puzzle, namely inflation was expected to be higher on the back of an ongoing recovery. This paper investigates the causes and consequences of low inflation in the...

We use high-frequency intraday interest rate data to measure euro area monetary policy shocks on the days of ECB interest rate announcements between 2002 and 2013. In line with Gürkaynak et al. (2005), we look at monetary policy shocks along two time dimensions: one related to the current level...

Plusieurs travaux récents sont consacrés à l’examen du comportement du banquier central face à l’incertitude affectant notamment son environnement économique. Ce papier propose, du point de vue du banquier central, une synthèse des principales sources d’incertitude ainsi qu’une...