This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in … moments of inflation. Under baseline calibrations, the two models perform similarly in almost all countries. Under estimated … unconditional moments of inflation dynamics better while sticky information is more successful in matching co-movement of inflation …

during and following the recent Great Recession, and that models in which inflation depends on economic slack cannot explain … the recent muted behavior of inflation, given the sharp drop in output that occurred in 2008-09. In this paper, we use a … protracted decline in inflation. The model does so even though inflation remains very dependent on the evolution of both economic …

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in … moments of inflation. Under baseline calibrations, the two models perform similarly in almost all countries. Under estimated … unconditional moments of inflation dynamics better while sticky information is more successful in matching co-movement of inflation …

One of the most surprising features of the long current expansion has been the decline in price inflation through the … late 1990s. Some observers interpret the decline as evidence of a permanent change in the relationship between inflation … - most notably, a decrease in import prices - can account for the low inflation rates in recent years …

2006. It turns out that real-time estimates of the output gap are characterised by a high degree of uncertainty, much … higher than that resulting from model and estimation uncertainty only. In particular, the evidence indicates that both the … magnitude and the sign of the real-time estimates of the euro area output gap are very uncertain. The uncertainty is mostly due …

effects of uncertainty shocks on inflation. We find the response of inflation to be statistically insignificant until mid …-to-late 1990s and negative thereafter. Our findings suggest that uncertainty shocks do not propagate like aggregate supply shocks …

Any measure of unobserved inflation uncertainty relies on specific assumptions which are most likely not fulfilled … indicator for inflation uncertainty. Moreover, the idiosyncratic component of survey disagreement contains systematic … that higher inflation is followed by higher uncertainty. By contrast, we obtain contradictory results for the individual …

significantly and positively related to their uncertainty about future inflation. And lastly, we demonstrate, by way of a cross … investigate the inflation expectations and uncertainties of firms. We document that, in the aggregate, firm inflation expectations … are very similar to the predictions of professional forecasters for national inflation statistics, despite a somewhat …

significantly and positively related to their uncertainty about future inflation. And lastly, we demonstrate, by way of a cross … investigate the inflation expectations and uncertainties of firms. We document that, in the aggregate, firm inflation expectations … are very similar to the predictions of professional forecasters for national inflation statistics, despite a somewhat …

. Estimation uses 13,193 observations on quarterly US inflation forecasts since 1981. The main finding is a significantly larger … weight on expected future inflation than on past inflation, a finding which also is estimated with much more precision than … in the standard approach. Inflation dynamics also are stable over time, with no decline in inflation inertia from the …