leads to a significantly smaller increase in long-term bond yields if policy uncertainty is high at the time of the shock … are robust to the measurement of monetary policy uncertainty and the definition of the monetary policy shock. We argue … policy uncertainty leads to opposite effects with term premia increasing even more after a policy shock. …

We build a model for bond yields based on a small-scale representation of an economy with secular declines in inflation …, the real rate and output growth. Long-run restrictions identify nominal shocks that influence long-run inflation but do … results show that, before the anchoring of inflation around the mid-1990s, nominal shocks lifted the output gap and inflation …

economic uncertainty, term premia, inflation expectations, and bond yields in Brazil. We find strong evidence that inflation …

shock. We find that flexible inflation targeting regime using interest rate rules (IRRs) with floating exchange rates is …-DSGE model, we show that inflation targeting regime using exchange rate rules (ERRs) reduces welfare losses significantly …

stochastic inflation trend and volatilitywith a short-term nominal yield that can be persistently stuck at its lower bound. The … a tighter identification of inflation components. Estimationperformed on U.S. real and nominal treasuries reveals that … the ELB period coincides with lower inflation trend and elevated inflation volatility. These adverse inflation outcomes …