This paper studies the response of inflation expectations to an exogenous shift in central bank preferences. We use the unexpected announcement of the resignation of Jens Weidmann, the president of the Deutsche Bundesbank, in 2021 as a natural experiment constituting a rare case of an exogenous...

This paper studies the response of inflation expectations to an exogenous shift in central bank preferences. We use the unexpected announcement of the resignation of Jens Weidmann, the president of the Deutsche Bundesbank, in 2021 as a natural experiment constituting a rare case of an exogenous...

The COVID-19 pandemic ended a long period of subdued inflation in Japan and renewed attention to the role of expectations in the transmission of monetary policy. This paper analyzes how Japanese households formed inflation expectations between 2006 and 2022, focusing on periods of unconventional...

This paper uses fractional integration methods to analyse the long-memory and persistence properties of inflation in the Shanghai Cooperation Organization (SCO) countries over the period from 1 January 1997 to 8 January 2025. This approach is more general than standard models based on the I(0)...

Evidence since the XIX century shows that whereas the demand for M1 is uniformly stable (Benati, Lucas, Nicolini, and Weber, 2021), the demand for broader aggregates is stable under monetary regimes making inflation strongly mean-reverting-such as the Gold Standard and inflation-targeting-but it...