aggregate demand gains momentum. If inflation also has inertia, the central bank still overheats the economy during the low …

In a simple New Keynesian model, we derive a closed form solution for the inflation persistence parameter as a function … inflation and the output gap, we show that the empirically observed changes in U.S. inflation persistence during the period 1975 …) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …

In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a … to inflation and the output gap, we show that the empirically observed changes in U.S. inflation-gap persistence during … Benati’s (2008) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …

the Taylor rule is beneficial if the central bank aims at optimally stabilizing inflation and output gap variability under … discretion. Placing a weight on deviations from a simple Taylor rule increases the overall relative weight of inflation … volatility in the effective loss function, which reduces the stabilization bias of discretionary monetary policy. The welfare …

coefficient, monetary authority is not completely successfull in stabilizing the volatility of output, nominal rate and inflation … translates into a lower ability to control inflation volatility, together with a strong policy reaction with respect to an … and nominal and real rigidities is discussed with a special emphasis on the volatility of output, nominal rate and in …

processes, cointegration is a necessary condition both for consistent estimation of the parameters of the model and …

the Generalized Dynamic Factor model to develop a set of core inflation indicators that, combining national data with area …

and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short …