On the Inflation Expectations Model and Its Associativity with the Monetary Policy
研究了央行拥有私人信息时公众通胀预期的形成机制，利用中国1995-2009年数据检验了通胀预期特征及货币政策可信度。
The public cannot know exactly the goal or do not believe the announcements of monetary policy completely when the central bank has private information,and then the stable equilibrium of inflation expectations depicted in Barro-Gordon model will not exist.Just as econometricians,the public form inflation expectations using forecasting model that they continuously update based on incoming data.Based on the VAR model with forward -looking variables of monetary policy and the data of China from 1995.1Q to 2009.4Q,the paper examines the inflation expectations of the public from 1997.1Q to 2009.4Q,probes deeply into the characteristics of inflation expectations and the credibility of monetary policy in China.