to the possible inflation bias; second, it enables us to model more satisfactorily the reputation of the central bank by … accounting for the coordination of the private agents on the punishment length. Our results suggest that the inflation bias and …

monetary policy in the United States, in particular its interaction with the formation of inflation expectations and the … linkages between monetary policy, inflation expectations and the behaviour of CPI inflation. We use Livingston Survey data for … expected inflation, measured at a bi-annual frequency, actual inflation, unemployment and a nominal interest rate to estimate …

on the inflation process. …

exclusively on the anchoring of short- to medium-term inflation expectations (Part 2). Several measures show that this anchoring … is effective. Modern New Keynesian theory is an appropriate framework for analysing the impact that this anchoring of … expectations has on the determination of the short- to medium-term inflation rate. From this point of view, observed inflation in …

bank since it focuses directly on inflation. Thus, the paper considers the reduced Phillips equation, assuming a stable … relationship between inflation and some kind of demand disequilibrium index, as the most promising starting point to estimate an …