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 … models of actual inflation and output as well as inflation and output growth expectations, which allows for scrutinizing the …

This paper analyzes euro area and U.S. inflation dynamics since the beginning of the 1990s by estimating New Keynesian … hybrid Phillips curves with time-varying parameters. We measure inflation expectations by subjective forecasts from Consensus … results indicate that in both economic areas the inflation dynamics have steadily become more forward-looking over time. We …

This paper examines recent changes in the cyclicality of euro area inflation. We estimate time-varying parameters for … become steeper since 2012. Thus, the current low level of inflation and persistently negative output gap increase the risk … that euro area inflation will stay below the monetary policy target for an extended period. …

Phillips curve is purely forward-looking model of inflation dynamics in the closed economy context. It is based on time … economy framework, inflation dynamics become more complicated, as new channels arise due to exchange rate changes and the … influence domestic inflation. Imported goods can be modelled as intermediate goods (McCallun and Nelson, 1999, 2000; Kara and …

This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation … expectations affect both inflation and output, and, on the other hand, how inflation expectations reflect developments in these … variables. The analyses make use of a simple VAR model of inflation, inflation expectations and the output gap that allows for …

This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation … expectations affect both inflation and output,and, on the other hand, how inflation expectations reflect developments in these … variables. The analyses make use of a simple VAR model of inflation, inflation expectations and the output gap that allows for …

This paper analyzes euro area and U.S. inflation dynamics since the beginning of the 1990s by estimating New Keynesian … hybrid Phillips curves with time-varying parameters. We measure inflation expectations by subjective forecasts from Consensus … results indicate that in both economic areas the inflation dynamics have steadily become more forward-looking over time. We …

This paper examines recent changes in the cyclicality of euro area inflation. We estimate time-varying parameters for … become steeper since 2012. Thus, the current low level of inflation and persistently negative output gap increase the risk … that euro area inflation will stay below the monetary policy target for an extended period. …

This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation … expectations affect both inflation and output, and, on the other hand, how inflation expectations reflect developments in these … variables. The analyses make use of a simple VAR model of inflation, inflation expectations and the output gap that allows for …

estimations, that the ECB has been either more averse to inflation above 2% ceiling or that the de facto inflation aim has been … considerably below 2%. Our results suggest further that an inflation aim of 2% combined with asymmetry is a plausible specification …