Inflation expectations and monetary policy: what have we learned and to what end?
回顾2020年以来通胀预期与通胀关系的研究，发现多数经济主体的通胀预期仍不稳定，结合供给冲击可解释美欧等地的通胀飙升与随后的去通胀过程。
Summary We review recent research and experiences linking inflation and expectations, emphasizing what has been learned since 2020. One clear lesson is that the inflation expectations of most economic agents have been and remain unanchored. The unanchored nature of inflation expectations, in combination with supply shocks, can explain much of the inflation surge and subsequent disinflation when viewed through the lens of an expectations-augmented Phillips curve, both in the United States and in other parts of the world.