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The Time-Varying Degree of Inflation Expectations Anchoring

Till StrohsalRafi MelnickDieter Nautz

出版	Humboldt-Universität zu Berlin, 2015
URL	http://books.google.com.hk/books?id=WhyqzQEACAAJ&hl=&source=gbs_api

註釋

Well-anchored inflation expectations have become a key indicator for the credibility of a central bank's inflation target. Since the outbreak of the recent financial crisis, the existence and the degree of de-anchoring of U.S. inflation expectations have been under debate. This paper introduces an encompassing time-varying parameter model to analyze the changing degree of U.S. inflation expectations anchoring. We confirm that inflation expectations have been partially de-anchored during the financial crisis. Yet, our results suggest that inflation expectations have been successfully re- anchored ever since.