Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from the U.S., UK, and Sweden

2010 ◽  
Vol 8 (6) ◽  
pp. 1208-1242 ◽  
Author(s):  
Refet S Gürkaynak ◽  
Andrew Levin ◽  
Eric Swanson
Keyword(s):  
Inflation Targeting ◽  
Inflation Expectations ◽  
Long Run ◽  
The U.S

scholarly journals Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from Long-Term Bond Yields in the U.S., U.K., and Sweden

2006 ◽  
pp. 1.000-51.000 ◽  
Author(s):  
Refet S. Gürkaynak ◽  
◽  
Andrew T. Levin ◽  
Eric T. Swanson ◽  
◽  
...  
Keyword(s):  
Inflation Targeting ◽  
Inflation Expectations ◽  
Bond Yields ◽  
Long Run ◽  
The U.S

DETERMINANTS OF INFLATION IN INDIA IN A DYNAMIC SETUP

2021 ◽  
pp. 1-20
Author(s):  
MASUDUL HASAN ADIL ◽  
MOHAMMAD AZEEM KHAN ◽  
HAROON RASOOL
Keyword(s):  
Open Economy ◽  
High Frequency ◽  
Inflation Targeting ◽  
Explanatory Variable ◽  
Household Survey ◽  
Inflation Expectations ◽  
Bounds Testing ◽  
Inflation Expectation ◽  
Long Run ◽  
Bounds Testing Approach

The present study empirically examines the factors accounting for inflation in India in an open economy framework by utilizing the bounds testing approach to cointegration for the 2006: Q3-2019: Q4 period. The findings reveal the existence of a long-run relationship with the household survey-based inflation expectation, real output, narrow money aggregate and interest rate as important determinants of inflation. The study concludes that inflation is well explained by a combination of structural and monetary factors. Notably, the significance of inflation expectation as an important explanatory variable corroborates the utilization of inflation forecast by the RBI as an intermediate target in the flexible inflation targeting framework. In this backdrop, it is imperative for RBI to conduct a high frequency inflation expectations survey of households to account for frequent information updation on the part of certain groups of households.

scholarly journals Inflation Expectations in the U.S.

2020 ◽  
Vol 20 (240) ◽  
Author(s):  
Peter Williams
Keyword(s):  
Private Sector ◽  
Factor Model ◽  
Inflation Expectations ◽  
The Past ◽  
Long Run ◽  
The U.S

Inflation has been below the Federal Reserve’s target for much of the past 20 years, creating worries that inflation may be deanchoring from the FOMC’s target. This paper uses a factor model that incorporates information from professional forecasters, household and business surveys, and the market for Treasury inflation protected securities (TIPS) to estimate long-run inflation expectations. These have fallen notably in the past few years (to roughly 1.9 percent for CPI inflation, well below the FOMC’s target). It appears that, even before the covid recession, the private sector viewed the economy as likely to suffer from persistent headwinds to inflation.

Infrastructure mortgage in Russia: Opportunities and prospects

2019 ◽  
pp. 114-133
Author(s):  
G. I. Idrisov ◽  
Y. Yu. Ponomarev
Keyword(s):  
Federal Government ◽  
Public Debt ◽  
Budget Deficit ◽  
Expert Assessment ◽  
Inflation Expectations ◽  
Direct Impact ◽  
Long Run ◽  
Gdp Growth Rate ◽  
Negative Effect

The article shows that depending on the goals pursued by the federal government and the available interbudgetary tools a different design of infrastructure mortgage is preferable. Three variants of such mortgage in Russia are proposed, each of which is better suited for certain types of projects and uses different forms of subsidies. According to our expert assessment the active use of infrastructure mortgage in Russia can increase the average annual GDP growth rate by 0.5 p. p. on the horizon of 5—7 years. In the long run the growth of infrastructure financing through the use of infrastructure mortgage could increase long-term economic growth by 0.9 p. p., which in 20—30 years can add 20—30% of GDP to the economy. However, the change in the structure of budget expenditures in the absence of an increase in the budget deficit and public debt will cause no direct impact on monetary policy. The increase in the deficit and the build-up of public debt will have a negative effect on inflation expectations, which will require monetary tightening for a longer time to stabilize them.

Are long-run inflation expectations well anchored?

2021 ◽  
Author(s):  
Gadi Barlevy ◽  
Jonas D. M. Fisher ◽  
May Tysinger
Keyword(s):  
Inflation Expectations ◽  
Long Run
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