possible non-rationality in expectations, a lagged inflation term enters the New Keynesian Phillips curve for inflation … 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 …

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, even if we allow for persistence in expectations, the hybrid specification of …

uncertainty is closely related to the output growth uncertainty. In forming expectations, individual forecasters seem to behave …

Modern economic theory underlines the importance of expectations. However, it is less obvious how expectations are … formed and how they should be measured. This paper analyses the role of inflation and output growth expectations in the US …, the euro area and Japan. On the one hand, the question is how expectations affect both actual inflation and output; and on …

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

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 …

non-rationality in expectations, a lagged inflation term enters the New Keynesian Phillips curve for European inflation … imposing rational expectations, direct measures, ie OECD forecasts, are used to proxy economic agents’ inflation expectations …. Real marginal costs are measured in three different ways. The results suggest that with directly measured expectations the …

expectations. In the open economy context, we make the assumption that all imports are intermediate goods. Possible persistence in … expectations is taken into account by using direct proxies i.e. Consensus Economics survey data for inflation expectations. The … analysis must be based on structural models, which capture expectations dynamics and the open economy aspects of the inflation …