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Unconventional monetary policy and the anchoring of inflation expectations

Matteo Ciccarelli, Juan Angel García and Carlos Montes-Galdón

No 1995, Working Paper Series from European Central Bank

Abstract: The effects of the unconventional monetary policy (UMP) measures undertaken by the U.S. Federal Reserve (and other major central banks) remain a crucial topic for research. This paper investigates their effects on the anchoring of long-term inflation expectations, a key dimension of UMP that has been largely overlooked. Our analysis provides two key insights. First, the anchoring of inflation expectations deteriorated significantly since late 2008. Second, the expansion of the Fed JEL Classification: C52, C55, E43, E44

Keywords: inflation expectations; news shocks; unconventional monetary policy (search for similar items in EconPapers)
Date: 2017-01
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Note: 224580
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Handle: RePEc:ecb:ecbwps:20171995