switch from exchange rate to inflation targeting and adoption of a policy rule for the use of petroleum revenues. We find … that the long-run means of CPI and core inflation rates declined significantly until the mid-1990s and have since then … remained close to the inflation target of 2.5% from 2001 onwards. The persistence in especially CPI inflation has fallen during …

consistent with the official monetary policy. Second, we seek to shed light on the inflation process of these countries. To this … end, we carry out an estimation of an open economy Philips curve (PC). Our main finding is that inflation rates were not … monetary arrangements for price stability. The analysis of the conditional inflation variance obtained from GARCH estimation of …

and inflation forecasts and a comparison to revised output gap estimates from policy institutions, they find that real …

and a smooth estimated trend. Based on output growth and inflation forecasts and a comparison to revised output gap …

estimated trend. Based on output growth and inflation forecasts and a comparison to revised output gap estimates from policy …

Inflation (PCCI), a measure of underlying inflation in the euro area. The PCCI reflects the view that underlying inflation … component of inflation. Methodologically, it relies on a generalised dynamic factor model estimated on a large set of … disaggregated HICP inflation rates for 12 euro area countries. For each individual inflation rate, we estimate a low …

, and time-varying trend inflation using post-WWII U.S. data. The model embedding the stochastic target performs better in … policy aggressiveness and inflation gap persistence. …

among the variables throughout the examined period. Specifically, the weighted average call money rate (WACR), inflation …