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Anchoring of inflation expectations: has past progress paid off?

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  • Tirupam Goel
  • Kostas Tsatsaronis

Abstract

In the decade before the pandemic, inflation expectations became less volatile worldwide, as well as more consistent with inflation targets and less sensitive to inflation surprises. This progress has paid off for many economies during the past year's surge in inflation: long-term expectations have remained largely anchored, but with notable exceptions. Anchored expectations provide room for monetary policy manoeuvre, but how strongly they remain anchored will depend on central banks keeping inflation in line with their stated objectives.

Suggested Citation

  • Tirupam Goel & Kostas Tsatsaronis, 2022. "Anchoring of inflation expectations: has past progress paid off?," BIS Bulletins 51, Bank for International Settlements.
    • Handle: RePEc:bis:bisblt:51
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