Autori
Marcellino, Massimiliano
Demertzis, Maria
Viegi, Nicola

Titolo
Anchors for Inflation Expectations
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 2010 - Fascicolo: 10 - Pagina iniziale: 1 - Pagina finale: 18

We identify credible monetary policy with first, a disconnect between inflation and inflation expectations and second, the anchoring of the latter at the inflation target announced by the monetary authorities. We test empirically whether this is the case for a number of countries that have an explicit inflation target and therefore include the Euro Area. We find that for the last 10 year period, the two series are less dependent on each other and that announcing inflation targets help anchor expectations at the right level.




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