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An important stylized fact to emerge from the VAR estimates is that exogenous monetary policy shocks (also labelled unsystematic monetary policy) have a delayed, persistent, hump shaped effect on in.ation. I argue that this empirical pattern is fragile. In particular it disappears when one...
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monetary policy shock. In line with a re-anchoring channel of monetary policy, we find that long-term inflation expectations …This paper empirically investigates the role of long-term inflation expectations for the monetary transmission … mechanism. In contrast to earlier studies, we confirm that U.S. long-term inflation expectations respond significantly to a …
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