most important factor driving uncertainty about inflation. In contrast, variations in financial intermediaries' net worth …

imposing rational expectations, direct measures, ie OECD forecasts, are used to proxy economic agents' inflation expectations … Classical and Hybrid Phillips curves. We interpret our results as indicating that the European inflation process is not purely … forwardlooking, so that inflation cannot instantaneously adjust to new information. Consequently, even allowing for possible non …

This article analyses agents’ perception of the period of low inflation in recent years, in the context of a model in … to be drawn between which portion of the low inflation phenomenon might be due to temporary factors and which might be … considered permanent. The results of the analysis for the euro area suggest that agents perceive the inflation rate’s recent …