Haku

We assess reliability of aggregate inflation expectations in the European Commission Consumer Survey by identifying individual responses to qualitative and quantitative questions that do not match each other. We provide ...

This letter analyses the relationship between the term structure of stock market risk premia and the key macroeconomic variables: inflation and GDP growth. The term structure of risk premia is obtained using a new method ...

This letter studies monetary policy transmission to public companies’ investments in the euro area using firm-level data. Rate hikes are estimated to decrease investments. When it comes to unconventional monetary policy ...

We use a New Keynesian Phillips Curve to study the dynamics of inflation in the frequency domain. Inflation expectations dominate medium-to-long-run cycles, energy inflation dominate short cycles and also longer cycles ...

Using a large euro area survey, we study the responsiveness of consumers’ medium-term inflation expectations to changes in actual inflation and short-term inflation expectations. We find that high trust in the central bank ...

We examine the effect of political ties with the US on sovereign yields and ratings at various horizons. We find beneficial effects across both short- and long-term yields and ratings. Specifically, we find that stronger ...