This paper studies uncertainty using the ECB Survey of Professional Forecasters' data. We consider both inflation and … are based on subjective probability distributions of survey respondents. Our analysis indicates that individual inflation … inflation uncertainty has a negative impact on economic activity by decreasing output growth and increasing inflation and …

Expectations are at the centre of modern macroeconomic theory and policymakers. In this paper, we examine the …

policy on output in an intertemporal Euler equation. We show that including a short-term interest rate and inflation in the … and inflation are difficult to interpret using a standard macroeconomic framework. A decomposition of the yield spread … inflation as predictors. We provide a possible structural interpretation of these results by allowing for time-varying risk …

predictions of the theory. The real interest rate should exceed the growth rate in the long run. This hierarchy has important … consequences on the public finances. The Solow-Ramsey-Cass model fits better to the data than the endogenous growth theory …

fiscal theory. The government's debt valuation equation links convenience yields to inflation and taxation which affects the …This paper investigates the implications of convenience yields for inflation and long-term growth in a model of the … incentives to innovate. Convenience yields affect inflation through a standard seignorage channel as well as through a novel …