should not affect agents' expectations of inflation in the long term. Our estimated structural VARs show that both long- and … short-term inflation expectations are sensitive to policy-related uncertainty shocks. While economic activity contracts …, long-term inflation expectations raise in response to such shocks. These results suggest that observed uncertainty about …

We introduce a new measure called Inflation-at-Risk (I@R) associated with (left and right) tail inflation risk. We … estimate I@R using survey-based density forecasts. We show that it contains information not covered by usual inflation risk … indicators which focus on inflation uncertainty and do not distinguish between the risks of low or high future inflation outcomes …

's original views about the rate of interest on bank credit have barely been commented so far. In this paper, we endeavour to link … these views with his theory of central banking in order to demonstrate that Thornton advocated an active use of the Bank of … quantity of circulating banknotes. Nevertheless, Thornton does not appear to have conceived the Bank's rate as a true " key …