[12] See Coenen, G. et al. (2018), “The New Area-Wide Model II: an extended version of the ECB’s micro-founded model for forecasting and policy analysis with a financial sector”, Working Paper Series, No 2200, ECB, November. [13] See Bobeica, E., Ciccarelli, M. and Vansteenkiste, I.
(2019), “The link between labor cost and price inflation in the euro area”, Working Paper Series, No 2235, ECB, February. [14] See Hahn, E. (2019), “How are wage developments passed through to prices in the euro area? Evidence from a BVAR model”, Applied Economics, available online. [15] See, for example, Taylor, J.