Anchoring Inflation Expectations in Unconventional Times: Micro Evidence for the Euro Area
利用专业预测者的微观数据，研究大衰退后欧元区长期通胀预期分布的稳定性，发现均值虽下降但未脱锚，而不确定性和负偏态增加。
We exploit micro data from professional forecasters to examine the stability of the distribution of long-term inflation expectations in the euro area following the Great Recession. Although mean expectations declined somewhat, we find no evidence that the central tendency of the long-run distribution became unanchored. Also, the degree of co-movement of expectations with other variables did not increase noticeably. In contrast, long-term inflation uncertainty increased and expectations became negatively skewed. Such findings are in line with the predictions of theoretical models emphasizing the impact of the lower bound on policy rates and uncertainty about the transmission of unconventional monetary policies.