-Switching framework. We explicitly identify the dynamics of inflation expectation errors using the expectations augmented Markov … found that dynamics of inflation expectation errors change across regimes. These switches can be associated with breaks in …

explicitly identify the dynamic of inflation expectation errors using the expectations augmented Markov-switching Phillips curve … of inflation expectation errors change across regimes. For the last 20 years we show the Phillips curve is vertical and …

suggest that the dynamics of in‡ation expectation errors change across regimes …