In the standard new Keynesian framework, an optimizing policy maker does not face a trade-
off between stabilizing the inflation rate and stabilizing the gap between actual output and …

This paper summarises the vast evidence on micro price-setting recently obtained for euro
area countries. We consider studies with micro data on consumer and producer prices, as …

This paper examines the growth effects of infrastructure stock and quality in Sub Saharan
Africa (SSA). While previous studies established that the poor state of infrastructure in SSA …

Multifractal processes have recently been proposed as a new formalism for modeling the
time series of returns in finance. The major attraction of these processes is their ability to …

The “New Keynesian” Phillips Curve (NKPC) states that inflation has a purely forward-
looking dynamics. In this paper, we test whether the inflation dynamics in European …

This paper analyzes whether Taylor-type policy rules can be used to describe the behavior
of the Federal Reserve and the European Central Bank from the beginning of 1999 until mid …

This paper documents producer price setting in 6 countries of the euro area: Germany,
France, Italy, Spain, Belgium and Portugal. It collects evidence from available studies on …

This paper draws attention to inconsistencies in estimating simple monetary policy rules and
their implications for policy advice. We simulate a macroeconomic model with a backward …

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This paper investigates the empirical success of the New Keynesian Phillips Curve (NKPC)
in explaining US inflation when observed measures of inflation expectations are used in …