inflation expectations in the two currency areas before and during the crisis. We find a somewhat stronger anchoring of … inflation expectations in the euro area than in the United States. During the crisis, the degree of anchoring of inflation … expectations did not change in the euro area, but it decreased to some extent in the United States. …

expectations are accurate predictors of yields, but only for very short maturities. We argue that this is partly due to the ability … expectations about short yields can be exploited to improve the accuracy of yield curve forecasts given by a base model. We do so … by employing a flexible projection method that anchors the model forecasts to the survey expectations in segments of the …

We use inflation and income growth expectations from the ECB Consumer Expectations Survey to measure the subjective … turns out to be particularly large for moderate inflation expectations. We find significant heterogeneity in the inflation …

the model. While the original version of ECB-BASE features VAR-based expectations, we examine two alternative versions … either with full model-consistent expectations or with hybrid expectations. The paper provides a didactic exposition of the …-based to model-consistent expectations would limit the pandemic induced macroeconomic volatility but would exacerbate the price …