twentieth century for the US, Japan, UK, Germany and France, and a shorter sample covering the last third of the twentieth …

monetary policy shock on GDP and inflation; (3) for business loans, the impact through the (supply) bank lending channel is …

We use a joint model of macroeconomic and term structure dynamics to estimate inflation risk premia in the United … States and the euro area. To sharpen our estimation, we include in the information set macro data and survey data on … inflation and interest rate expectations at various future horizons, as well as term structure data from both nominal and index …

-term inflation volatility in response to exogenous shocks can be optimal; the optimal response to adverse financial shocks is to … lower interest rates, if not at the zero bound, and to engineer a short period of controlled inflation; the Taylor rule may …

inflation and growth. After the collapse of financial intermediation in late 2008, the strategy of the ECB was to preserve the …

as many shocks as observable variables. We illustrate the applicability of the proposed solution and estimation methods …