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Changing inflation dynamics, evolving monetary policy: an overview
Understanding the dynamics of inflation has become an important challenge for both policymakers and researchers over the past decade. Empirical models linking inflation and economic activity—versions of the so-called Phillips curve—have failed...
Trend, seasonal, and sectorial inflation in the Euro Area
A central focus of monetary policy is the underlying rate of inflation
that might be expected to prevail over a horizon of one or two years.
Because inflation is estimated from noisy data, the estimation of
this underlying rate of inflation, which we refer to as trend inflation,
requires statistical ...