fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary …-fiscal narrative for Germany, the U.S. and Italy with evidence obtained from simple regression models and a time-varying VAR. We find … that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central …

that such disturbances are important drivers of output fluctuations in both economies, we find the shock responses of …

monetary policy shock. In line with a re-anchoring channel of monetary policy, we find that long-term inflation expectations …This paper empirically investigates the role of long-term inflation expectations for the monetary transmission … mechanism. In contrast to earlier studies, we confirm that U.S. long-term inflation expectations respond significantly to a …