subsequent real activity and inflation in both Europe and the United States. The results show that monetary policy is an … significant predictive power for both real activity and inflation. The yield curve is thus a simple and accurate measure that …

The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the … for persistent variation in market perceptions of central bank inflation aversion. The first years of the European Central … ECB evolved significantly during the first six years of the Bank's operation, with a belief in its inflation aversion …

inflation and to deviations of output from its efficient level—the one that would prevail in the absence of distortions—have the …