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Dimensions and Determinants of Inflation Anchoring

Author

Listed:
  • Joscha Beckmann
  • Robert L. Czudaj

Abstract

This paper focuses on dimensions and drivers of survey-based measures of inflation anchoring based on a panel of 82 economies over a period from 1995 to 2022. We show that different dimensions of inflation anchoring exhibit a strong co-movement but that standard deviation of inflation forecasts partly displays distinctive dynamics. We find that a weak link between anchoring and impossible trinity indexes mostly reflects variations in realized inflation. Die vorliegende Studie analysiert Dimensionen und Determinanten von umfragebasierten Maßen zur Verankerung von Inflationserwartungen. Wir analysieren 82 Volkswirtschaften über einen Zeitraum von 1995 bis 2022 und zeigen, dass verschiedene Dimensionen der Inflationsverankerung grundsätzlich stark korreliert sind; die Standardabweichung der Inflationsvorhersagen zeigt jedoch zum Teil eine andere Dynamik. Unsere Ergebnisse deuten zudem an, dass die Verankerung von Inflationserwartungen stark mit der realisierten Inflationsrate korreliert und kaum von der Position einer Volkswirtschaft im Dreieck der Internationalen Finanzmarktarchitektur beeinflusst wird.

Suggested Citation

  • Joscha Beckmann & Robert L. Czudaj, 2023. "Dimensions and Determinants of Inflation Anchoring," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 92(2), pages 31-43.
    • Handle: RePEc:diw:diwvjh:92-2-3
    DOI: 10.3790/vjh.92.2.31
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    Cited by:

    1. Czudaj, Robert L., 2023. "Expectation Formation and the Phillips Curve Revisited," MPRA Paper 119478, University Library of Munich, Germany.

    More about this item

    Keywords

    Anchoring; Inflation expectations; Monetary policy; Survey data; Uncertainty;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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