This paper develops a model of policy regime uncertainty and its consequences for stabilizing expectations. Because of … learning dynamics, uncertainty about monetary and fiscal policy is shown to restrict, relative to a rational expectations … analysis, the set of policies consistent with macroeconomic stability. Anchoring expectations by communicating about monetary …

examine a purely forward-looking New Keynesian Phillips curve with heterogeneous expectations, where the coordination of … is allowed to vary, there exist multiple equilibria: rational expectations equilibrium without any inertia and …

. Macroeconomists increasingly rely on survey data on subjective expectations. An innovative approach to measure aggregate uncertainty … exploits the rounding patterns in individuals' responses to survey questions on inflation expectations (Binder, 2017). This … inflation expectations. …

signals and, as a consequence, may increase uncertainty and amplify the reaction of expectations to macroeconomic news …

less correlated with policy uncertainty, possibly reflecting stronger anchoring of inflation expectations for this group …. Policy uncertainty appears to reflect the expectations of consumers more than professional forecasters or financial markets …