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Euro Area Inflation and ECB Policy in a Global Environment


  • Christophe Blot
  • Jérôme Creel
  • Paul Hubert
  • Fabien Labondance
  • Xavier Lagot


This paper contributes to the literature investigating the role of global factors in determining Euro area inflation, using a wide list of potential candidates to measure global factors. We show that roughly 50 percent of inflation is explained by global factors; and that the ECB has an impact on the domestic part of inflation. This calls for adjusting the definition of the ECB target to the domestic-driven indicator of inflation which we develop.

Suggested Citation

  • Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance & Xavier Lagot, 2016. "Euro Area Inflation and ECB Policy in a Global Environment," Politica economica, Società editrice il Mulino, issue 3, pages 539-554.
  • Handle: RePEc:mul:je8794:doi:10.1429/85010:y:2016:i:3:p:539-554

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