cover the zero-lower bound period and find strong effects on inflation for long-horizon communication shocks. …

effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending …

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

Well-anchored inflation expectations should not react to short-term oriented macroeconomic news. This paper analyzes … the dynamic response of inflation expectations to macro news shocks in a structural VAR model. As identification of … impact on U.S. long-term inflation expectations in the long run. In the short run, however, the degree of expectations de …

We estimate the effects of a negative asymmetric demand shock on the real exchange rate for the euro area vis-à-vis the … output, confirming its shock-absorbing capacity before and during the ZLB episode. The stabilizing role of the exchange rate …