We quantify spillovers of inflation expectations between the United States (US) and Euro Area (EA) based on break … autoregressive (SVAR) model. The SVAR approach allows to identify US and EA specific inflation expectations shocks. By modeling the …. Adjusted for BEI risk premia, our main result suggests that spillovers of inflation expectations increase during times of …

before 1981 and by optimal policy with commitment afterward. In theory and quantification, the interaction of private sector …

productivity and cost shocks that de-anchored inflation expectations, propagated via self-fulfilling inflation expectations and …

-finance models, historical fluctuations in US bond yields turn out to be largely consistent with the rational expectations hypothesis …-structural - perspective on the macroeconomy mutes expectations, thereby underestimating the expectations hypothesis' potential. Out … in the early eighties, it had less success in lowering inflation expectations. The model suggests the mid 2000 non …

System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered …. Accountability through shifting final responsibility in the direction of the government leads to higher inflationary expectations and … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht …

that forecasters' reported use of and estimates of u* are informative about their expectations-formation process, including … their use of a Phillips curve. Those who report not using u* have higher and less anchored inflation expectations, and seem … disagreement and implications for credibility …