are: the rate of inflation, the unemployment rate and rates on US Treasury securities, i. Design … available for further tests. Practical implications – The two Fed policy rates respond differently to the impacts of inflation …

We examine inflation and uncertainty in the UK with a version of the Markov Switching model, which allows for changes … in lowering inflation uncertainty. The 1981 budget, however, greatly lowered uncertainty, and the adoption of a formal … inflation target also had a palpable, negative impact on inflation uncertainty. As a suggestive exercise, we examine inflation …