BoJ paper finds short and long-term expectations are anchored differently
Design of policies also matters, researchers find
Inflation expectations evolve differently depending on whether they are short- or long-term, and respond differently to different policies, according to a working paper published today (July 9) by the Bank of Japan (BoJ).
Are Household Inflation Expectations Anchored in Japan? by Koichiro Kamada, Jouchi Nakajima, and Shusaku Nishiguchi, studies both the level and dispersion of inflation expectations based on household survey data from Japan.
The authors find the term structure of expectations
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