Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/183871 
Erscheinungsjahr: 
2018
Quellenangabe: 
[Journal:] DIW Weekly Report [ISSN:] 2568-7697 [Volume:] 8 [Issue:] 43 [Publisher:] Deutsches Institut für Wirtschaftsforschung (DIW) [Place:] Berlin [Year:] 2018 [Pages:] 429-437
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
In the past five years, the inflation in the euro area has been well below the European Central Bank's (ECB) aimed inflation rate of close to but below two percent for achieving its objective of price stabilization in the medium term. The present analysis shows that expectations of low inflation, rising cyclical unemployment, and external factors such as low crude oil prices were responsible. In the middle of this year euro area price development picked up again. At its meeting in June this year the Governing Council of the ECB decided to end the asset purchase programme (APP) by December of this year and held out the prospect of a first rise in key ECB interest rates after the summer 2019. This necessitates a continuing, sustained inflation momentum. However, core inflation excluding energy and food prices has remained relatively low until now. The ECB is primarily relying on increasing wage momentum to drive core inflation in the near future. As DIW calculations show, this relationship exists but it is quantitatively rather weak. For core inflation to support the medium term price stability in the upcoming years, wages must continue to grow considerably.
Schlagwörter: 
inflation dynamics
inflation expectations
passthrough unit labor costs
monetary policy
euro area
JEL: 
E5
E31
E24
Dokumentart: 
Article

Datei(en):
Datei
Größe
382.16 kB





Publikationen in EconStor sind urheberrechtlich geschützt.