In this paper, we examine whether domestic or global output gap affects inflation in three panels: the European Union, the peripheral countries of the European Union, and the Eurozone. We have also analysed the impact of these variables on inflation in individual countries of the European Union....

The purpose of the paper is to capture macroeconomic responses of quantitative easing in times of financial and non-financial crisis and to confront the extent of the output responses with the synchronisation of quantitative easing and expansionary fiscal policy. Several methodological...