of imposing any specific form of expectations formation, di-rect measures, ie Consensus Economics survey data are used to … proxy economic agents’ inflation expecta-tions. According to the results, the New Classical Phillips curve has satisfactory … forward-looking, and inflation cannot instantaneously adjust to changes in expecta-tions. Consequently, even allowing for …

and monetary policies proposed by Leeper (1991) for stability under learning of rational expectations equilibria (REE …

This paper examines aggregated inflation expectations based on the ECB Survey of Professional Forecasters (ECB SPF). We … not cause systematic distortions to aggregated survey information. However, micro level analysis of expectations would …

. Revisions of expectations generally lead to larger forecast errors. Subjective uncertainty measures, which are available at the …

What is the impact of surprise and anticipated policy changes when agents form expectations using adaptive learning … rather than rational expectations? We examine this issue using the standard stochastic real business cycle model with lump …-shaped response, and tend to be prominently characterized by oscillations not present under rational expectations. These fluctuations …

, built for policy simulation and forecasting. In constructing the model, consistent treatment of expectations is emphasized …. Following current theoretical literature, intertemporal optimization with rational expectations is taken as the starting point … formation of expectations. …

assumption that all imports are intermediate goods. Instead of imposing rational expectations a priori, Consensus Economics … survey data and OECD inflation forecasts are used to proxy inflation expectations. The results suggest that, compared with a … specification. Moreover, in the open economy context, and even if we allow for persistence in expectations, the hybrid specification …

the euro area: the older expectations-augmented Phillips curve and the new Keynesian Phillips curve. The main focus is on … the role of expectations and comparison of the two theories. Instead of imposing rational expectations, an alternative and … in principle less restrictive approach is applied to operationalising expectations. Direct measures of inflation …

This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation … expectations affect both inflation and output, and, on the other hand, how inflation expectations reflect developments in these … variables. The analyses make use of a simple VAR model of inflation, inflation expectations and the output gap that allows for …

model under rational expectations and revised (final) data. Alternatively, instead of imposing rational expectations … hypothesis we use real- time information, ie Consensus Economics survey data, to generate empirical proxies for expectations in … expectations, the errors in measured expectations and real-time current output gaps are positively autocorrelated. We produce …