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 …

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. …

unemployment rate has increased and economic activity has been sluggish. Changes in the implicit inflation target, viewed as low … frequency movements of inflation, might possibly explain these developments. To highlight this issue, the present study … estimates the dynamics of the implicit inflation target in the euro zone over the period 1970Q1-2004Q4. Based on a small …

responses of output, inflation, labor share and the nominal interest rate to a supply shock as identified through a structural …

episode techniques, we identify disinflation shocks as shocks that drive the inflation rate to a lower level in the long … inflation rate increases above its long-run level and exhibits a positive hump-shaped response. A similar pattern is found for …