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When did inflation expectations in the euro area de-anchor?

Andrea Fracasso () and Rocco Probo ()

No 2016/05, DEM Working Papers from Department of Economics and Management

Abstract: Long-term inflation expectations in the euro area remained well anchored during the global financial crisis and were therefore insensitive to the arrival of economic news. This article investigates the behaviour of expectations in the euro area during the most recent period and finds evidence that the de-anchoring of expectations started in December 2011 and never reversed. This is in line with the more aggressive stance held by the ECB in the following months as well as with the pattern of ECB Professional ForecastersÕ expectations.

Keywords: Inflation expectations; ECB; Euro area; De-anchoring (search for similar items in EconPapers)
JEL-codes: E31 E52 E58 C22 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
Date: 2016
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