private-sector expectations about future inflation. As a result, inflation rates are more stable in a monetary union …

inflation expectations but learns about them from economic outcomes, which are in part the result of the disinflation policy … that under the DOP inflation stay between the levels implied by the CEP and the CP. A novel result is that this holds … irrespective of the initial level of inflation. Moreover, while at high levels of inherited inflation the DOP moves closer to the …

-term interest rate into an expected inflation and an ex-ante real interest rate component. The latter may be a useful indicator of … rate series and the stationary component of the real interest rate is estimated and shocks to expected inflation and the ex …-ante real rate are identified using the long-run restriction that only shocks to expected inflation have long-run effects on the …

Conjectures about inflation expectations are inextricably linked to our understanding of the relationship between the … therefore examines the empirical properties of inflation expectations data constructed on the basis of both qualitative and … provides some insights into the nature of the interaction between monetary policy and inflation expectations. …

long-run interest rates and inflation expectations into account. We find a strong connection between oil prices and long … strong relationship if inflation and oil prices were driven by monetary policy. The observed magnitude of this relationship …

reactiveness of inflation to the unemployment rate. In regard to a monetary union, the national unemployment multiplier in the …