EZ inflation has been falling steadily since early 2013, turning negative in late 2014. This column surveys a host of recent research from Banca d’Italia that examined the drivers of this fall, its macroeconomic effects, and ECB responses. Aggregate demand and oil prices played key roles in the drop, which has consistently ‘surprised’ market-based expectations. Towards the end of 2014 the risk of the ECB de-anchoring inflation expectations from the definition of price stability became material.
Most Read
-
Danielsson
-
Funke, Schularick, Trebesch
-
Diao, Ellis, McMillan, Rodrik
-
Behrens, Kichko, Thisse
-
Pradelski, Oliu-Barton
-
Eichengreen, O'Rourke
-
Burgess, Sievertsen
-
Mitze, Kosfeld, Rode, Wälde
-
Heldring, Robinson
-
Eichengreen
Blogs&Reviews
-
Bouwens
-
Gaspar, Larraín Bascuñán
-
Evenett
-
Arezki, Rota-Graziosi
-
Gual
Vox eBooks
Don't Miss
Arezki, Djankov, Panizza
Bartsch, Bénassy-Quéré, Corsetti, Debrun
Scheuer
Events
-
10 - 10 March 2021 / Online /
-
11 - 11 March 2021 / Online /
-
12 - 12 March 2021 / Online /
-
15 March - 31 May 2021 / Online /
-
16 - 16 March 2021 / Online /
CEPR Policy Research
-
Gobillon, Solignac
-
Giglio, Maggiori, Stroebel, Weber
-
Summers, Fatás
-
Favero, Galasso
-
Butt, Churm, McMahon, Morotz, Schanz
-
Eichengreen, Avgouleas, Poiares Maduro, Panizza, Portes, Weder di Mauro, Wyplosz, Zettelmeyer
-
Baldwin, Beck, Bénassy-Quéré, Blanchard, Corsetti, De Grauwe, den Haan, Giavazzi, Gros, Kalemli-Ozcan, Micossi, Papaioannou, Pesenti, Pissarides , Tabellini, Weder di Mauro
-
Baldwin, Nakatomi
-
Thimann
-
Goodhart, Perotti