inflation expectations and consumer spending. We document that for the Euro Area and almost all of its constituent countries … this relationship is generally positive: a higher expected change in inflation is associated with an increase in the … probabilities from our micro-level analysis, we indirectly estimate the impact of a gradual increase in inflation expectations on …

We show that the announcement of the ECB’s Strategy Review and the revision of its inflation target in summer 2021 went … persistent credibility gains, even after inflation increased …

This paper analyses the distribution of long-term inflation expectations in the euro area using individual density …

changes does not change much with inflation and does not react much to aggregate shocks; (vi) changes in inflation are mostly … consistent with the predictions of a menu cost model in a low inflation environment where idiosyncratic shocks are a more …

macroeconomic outcomes located in the upper and lower regions of the predictive densities. For inflation and GDP growth, we find … of the predictive densities for inflation are much less informative …

. Conversely, for the inflation rate there is stronger evidence that more refined combinations can lead to improvement over this …