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This paper studies uncertainty using the ECB Survey of Professional Forecasters' data. We consider both inflation and … are based on subjective probability distributions of survey respondents. Our analysis indicates that individual inflation … inflation uncertainty has a negative impact on economic activity by decreasing output growth and increasing inflation and …
Persistent link: https://www.econbiz.de/10013064553
We theoretically explore long-run stagnation at the zero lower bound in a representative agent framework. We analytically compare expectations-driven stagnation to a secular stagnation episode and find contrasting policy implications for changes in government spending, supply shocks and...
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This study presents a framework for extracting long-run GDP growth and inflation expectations from financial market … inflation expectations for the euro area and for the United States …
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Observed macroeconomic forecasts display gradual recognition of the long-run growth of endogenous variables (e.g. output, output per hour) and a positive correlation between long-run growth expectations and cyclical activities. Existing business cycle models appear inconsistent with the...
Persistent link: https://www.econbiz.de/10012010392