future interest rate, inflation, and output to discover the sources of individual interest rate forecast errors. Based on a …. However, although experts tend to overestimate the impact of inflation on future interest rates, perceptions of monetary … improved communication has reduced disagreement over the ECB's response to expected inflation during the financial crisis …

decisions with regard to inflation expectations of financial market experts for the euro area from February 1999 to June 2007 … of inflation expectations formation. …

Phillips curve, the sum of coefficients associated with expected inflation is far beyond unity, whatever measure of expected … inflation rates is employed. Therefore, either the NAIRU concept is not applicable to Germany or, as it is our suggestion, one … estimates the unemployment rate that is compatible with a tolerable inflation rate of say 2 percent following roughly the …

potential output overestimated) before the recent crisis. It is fair to say that the employed estimation techniques failed to … insignificant relation between inflation and the output gap or unemployment gap, which questions the adequacy of the Phillips curve … into account in conventional methods for the estimation of potential output and the output gap. Since both, potential …

This paper is devoted to a new estimation of the non-accelerating inflation rate of unemployment (NAIRU) for the West … German Economy 1980 to 1998. The novelty of the paper is the estimation of a time-varying NAIRU for West Germany employing …

ignoring a potential national perspective may lead to a serious bias in the estimation of ECB reaction functions. The paper …