We review the main identification strategies and empirical evidence on the role of
expectations in the New Keynesian Phillips curve, paying particular attention to the issue of …

This paper analyses the implications of imperfect exchange rate pass-through for optimal
monetary policy in a linearised open-economy dynamic general equilibrium model …

Using CPI microdata for 11 euro area countries over 2010–2019, we document new findings
on consumer price rigidity in the euro area:(i) the average frequency of price changes is 12 …

Evidence from vector autoregressions indicates that the impact of interest rate shocks on
macroeconomic aggregates can substantially be affected by the so-called cost channel of …

This paper provides a summary of current knowledge on inflation persistence and price
stickiness in the euro area, based on research findings that have been produced in the …

We build a stylised 12-country model of the euro area and use it to analyse how differences
in national inflation and growth rates arise within the European Economic and Monetary …

This paper addresses the optimal joint conduct of fiscal and monetary policy in a two-country
model of a currency union with staggered price setting and distortionary taxes. A tractable …

The objective of this paper is to analyze the effects of alternative monetary rules on real
exchange rate persistence. Using a two-country stochastic dynamic general equilibrium with …

How does a monetary union alter the impact of business cycle shocks at the household
level? We develop a Heterogeneous Agent New Keynesian model of two countries (HANK …

This paper extends the existing literature on the open economy New Keynesian Phillips
Curve by incorporating three different factors of production, domestic labor and imported as …