Comment: Inflation expectations

Ever since Milton Friedman's famous analysis of the "leads and lags" between interest rate changes and price- and output movements in 1961, the need for "forward-looking" monetary policy has been universally accepted.

COMMENT BY CENTRALBANKNEWS

This conceptual shift has focussed central bankers' attention on the importance of inflation expectations management. Central banks use inflation expectation data to both forecast inflation and to evaluate the credibility of their inflation fighting

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