This paper uses the European Commission's Consumer Survey to assess whether inflation expectations have converged and … whether inflation uncertainty has diminished following the introduction of the Euro in Europe. Consumers' responses to the … survey suggest that inflation expectations depend more on past national inflation rates than on the ECB's anchor for price …

econometric framework for estimation of affine Gaussian DTSMs under restrictions on risk prices, which addresses the issues of a … expectations component, consistent with survey evidence on expectations of future interest rates and inflation …

Carlo experiments, where we also study the estimation of the aggregate effects of micro and macro shocks. The paper … concludes with an empirical application to consumer price inflation in Germany, France and Italy, and re-examines the extent to … which ‘observed' inflation persistence at the aggregate level is due to aggregation and/or common unobserved factors. Our …

This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special … focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the … Balassa-Samuelson effect is not an important driver of inflation rates. By contrast, we find that the initial price level and …

has implications for the estimation of economic models of energy-intensive durables, for oil price forecasting, and for …