Are Long-Run Inflation Expectations Anchored More Firmly in the Euro Area than in the United States?
利用金融市场和专业预测者调查数据，比较欧元区与美国长期通胀预期的锚定程度，发现欧元区预期更稳定、分歧更小。
This paper compares the evolution of long-run inflation expectations in the euro area and the United States, using evidence from financial markets and surveys of professional forecasters. Survey data indicate that long-run inflation expectations are reasonably well anchored in both economies but reveal substantially greater dispersion across forecasters' long-horizon projections of US inflation. Analysis of daily data on inflation swaps and nominal-indexed bond spreads, which gauge compensation for expected inflation and inflation risk, also suggests that long-run inflation expectations are more firmly anchored in the euro area than in the United States.