We study the global inflation surge during the pandemic recovery and the implications for
aggregate and sectoral Phillips curves. We provide evidence that Phillips curves shifted up …

This paper looks at whether the recent sharp spike in inflation can be beneficial for public
debt sustainability by eroding the real value of nominal debt. Simulations with the European …

This paper estimates a standard Dynamic Stochastic General Equilibrium (DSGE) model
that includes a wage and price Phillips curves with different expectation formation processes …

In recent years, the global economy has been hit by a sequence of severe shocks that
affected the two largest economies, the USA and the Euro Area, severely. Uncertainties …

Motivated by the 2022 uptick in headline inflation and the marked shift towards more
restrictive monetary policies globally, this paper examines the sacrifice ratio, ie, the …

A sequence of severe shocks has brought inflation back to Europe and America, but
unemployment is still at record low levels. Is higher unemployment required to bring inflation …

The coherence of ideological narratives in the Euro Area is a necessary condition for the
sustainability of the monetary union. Narratives shape political preferences and if they …