This paper studies uncertainty using the ECB Survey of Professional Forecasters’ data. Both inflation and real GDP growth forecasts at the micro level are considered. Our analysis indicates that individual inflation uncertainty is closely related to output growth uncertainty. Individual...

This paper compares the GMM and measured expectations in estimating the conventional New Keynesian macro model for the Euro area and the United States. The use of measured expectations strongly reduces the importance of lagged output and inflation terms.

Abstract In this paper we examine how Finnish municipalities’ expenditures depend on the demographic structure of the population. More precisely, we scrutinize the role of foreign citizens: how does the share of citizens with foreign background out of the total population manifest itself in...

This paper deals with the problems of assessing the effects of fiscal policy in the European Monetary Union. Here, we face wide cross-country differences in key fiscal parameters, some of which may also be vary over time (business cycle). Moreover, these effects may also depend on trade...