Inflation expectations and the great recession

Petra Gerlach-Kristen, Peter Hördahl and Richhild Moessner

BIS Quarterly Review, 2011

Abstract: This article examines whether short-run inflation expectations and indicators of long-term credibility have been affected by the great recession and by the policies to counter it. Measures of short-run expectations dropped in the crisis, particularly in advanced economies, but have since rebounded. Measures of long-run inflation expectations have in general fluctuated around a relatively stable level, suggesting continued central bank credibility. At the same time, dispersion and uncertainty measures of long-term inflation expectations are somewhat higher than before the crisis, raising questions about how firmly expectations are anchored.

JEL-codes: E31 E52 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (15)

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