This paper highlights the implications for EU macroeconomic policy at a relatively disaggregated level when key economic relationships are nonlinear or asymmetric.Using data for the EU and OECD countries we show that there are considerable non-linearities and asymmetries in the Phillips and Okun...

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...

This paper studies uncertainty using the ECB Survey of Professional Forecasters' data. We consider both inflation and real GDP growth forecasts at the micro level and explore forecast uncertainty using two alternative measures, i.e. conventional standard deviation of individual point forecasts...