| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16391 |
| DP16391 Expectations' Anchoring and Inflation Persistence | |
| Rudolfs Bems; Francesca Caselli; Francesco Grigoli; Bertrand Gruss | |
| 发表日期 | 2021-07-23 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct an index of inflation expectations' anchoring using survey-based inflation forecasts for 45 economies since 1989. We then study the response of consumer prices to terms-of-trade shocks and find that these shocks have a significant and persistent effect on consumer price inflation when expectations are poorly anchored. By contrast, inflation reacts by less and returns quickly to its pre-shock level when expectations are strongly anchored. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Anchoring Credibility Inflation expectations Inflation persistence Terms of trade |
| URL | https://cepr.org/publications/dp16391 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545352 |
| 推荐引用方式 GB/T 7714 | Rudolfs Bems,Francesca Caselli,Francesco Grigoli,et al. DP16391 Expectations' Anchoring and Inflation Persistence. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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