economic agents´ inflation expectations. Real marginal costs are proxied by three different measures. The results suggest that … OECD inflation forecasts perform relatively well as a proxy for inflation expectations in the euro area, since under this … approach the European inflation process can be modeled using the forward-looking New Keynesian Phillips curve. However …

This paper examines euro area inflation dynamics by estimating open economy New Keynesian Phillips curves based on the … survey data and OECD inflation forecasts are used to proxy inflation expectations. The results suggest that, compared with a … closed economy New Keynesian Phillips curve, euro area inflation dynamics are better captured by the open economy …

in principle less restrictive approach is applied to operationalising expectations. Direct measures of inflation … expectations, ie OECD forecasts, are used as empirical proxies of economic agents’ inflation expectations. The main interest is in … the euro area as a whole, although potential heterogeneity of inflation dynamics is also examined across eleven EMU …

imposing rational expectations, direct measures, ie OECD forecasts, are used to proxy economic agents’ inflation expectations … Classical and Hybrid Phillips curves. We interpret our results as indicating that the European inflation process is not purely … forward-looking, so that inflation cannot instantaneously adjust to new information. Consequently, even allowing for possible …

The present study examines empirically the inflation dynamics of the euro area. The focus of the analysis is on the … role of expectations in the inflation process. In six articles we relax rationality assumption and proxy expectations … curve specifications and find evidence that inflation cannot instantaneously adjust to changes in expectations. A possible …