, inflation and unemployment, we detect a wrong sign in the response of inflation to contractionary monetary policy shocks … 1999-2019, when the Federal Funds Rate and the Euro-Dollar exchange rate are added to the VAR model inflation shows … significant unemployment inflation trade-off emerges. These conclusions are confirmed by using industrial production instead of …

We investigate the relationship between inflation uncertainty and monetary policy transmission in the U.S. economy … through the external finance premium and the term structure of interest rates appears strongly dependent on inflation …

that such disturbances are important drivers of output fluctuations in both economies, we find the shock responses of …

stronger than that of the long end (i.e., of long term ones). In other words, a financial uncertainty shock causes a temporary … recovery in real activity after a financial uncertainty shock. …

variables has declined systematically over time. In contrast, the response of inflation and the short-term interest rate to this … shock has remained fairly stable. Simulations from a non-linear DSGE model suggest that these empirical results are … consistent with an increase in the monetary authorities' anti-inflation stance and a 'flattening' of the Phillips curve. …