Establishing and Maintaining a Firm Nominal Anchor
本文讨论如何衡量私人部门对央行名义锚的透明度和可信度，分析三个发达经济体长期通胀预期的演变，并指出评估央行遵循价格水平目标制还是通胀目标制时需注意的计量问题。
A key practical challenge for monetary policy is to gauge the extent to which the private sector perceives the central bank’s nominal anchor as transparent and credible. In light of that challenge, this commentary discusses some evidence on the evolution of longer-term inflation expectations in three advanced economies and then highlights several econometric issues that are relevant in assessing whether a given central bank has effectively been following a price-level targeting regime or an inflation-targeting regime.