Inflation is back in its target range, driven lower by moderation in food prices, and we expect it to hover around 5% in H2 2017. In the absence of a

The central bank cut its key policy rate in line with the consensus by 25bps to 9%.' With the 12-month headline inflation close to its target, the cen

Why is Retail Employment Falling so Sharply? We examine whether changing shopping habits can explain large job losses. Our results show that the subs

The central bank kept its key lending rates unchanged on June 15.' The expected Fed tightening through 2018 will likely reduce global risk appetite fo

The ECB's ability to extend its purchase program beyond 2017 will be limited by a lack of public-sector debt eligible for purchase under the public-se

Mr. Phillips Goes to Washington In the aftermath of the Fed meeting, and following our previous analysis, we show that the Phillips curve plays an im