TY - UNPD A1 - Frenkel, Michael A1 - Lis, Eliza M. A1 - Rülke, Jan-Christoph T1 - Do euro area forecasters (still) have faith in macroeconomic building blocks? N2 - We use the ECB's Survey of Professional Forecaster to show that euro area expectations are consistent with standard macroeconomic building blocks such as the Phillips curve, Okun's law, and the Taylor rule. Moreover, the paper finds that the financial and economic crisis of 2007-2009 did not change the expectation formation process as professional forecasters still adopt macroeconomic building blocks for their forecast. The scepticism that has recently been raised concerning macroeconomic building blocks has apparently not yet affected professional forecasts. On the contrary, we conclude that professional forecasters still have faith in macroeconomic building blocks. T3 - WHU – Working Paper Series in Economics - WP 09/03 KW - Makroökonomische Modelle KW - Macroeconomic models KW - Prognose KW - Forecasting KW - Eurozone KW - Euro area Y1 - 2017 UR - https://opus4.kobv.de/opus4-whu/frontdoor/index/index/docId/520 UR - https://nbn-resolving.org/urn:nbn:de:hbz:992-opus4-5202 ER -