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- W4293776957 abstract "Abstract Since the Federal Open Market Committee announced a 2% inflation target in 2012, the median long‐run inflation forecast of professional forecasters has been near target. We show, however, that most individual forecasters' long‐run inflation expectations fluctuate substantially, with sizeable departures from target. We propose a new “bounds anchoring” indicator based on deviations of individuals' long‐run forecasts from target. This indicator sheds new light on gradual changes in expectations since the 2012 announcement. We find that bounds anchoring gradually strengthened in the years following the target announcement, but that this trend has recently started to reverse." @default.
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- W4293776957 date "2022-08-30" @default.
- W4293776957 modified "2023-09-26" @default.
- W4293776957 title "Out of Bounds: Do SPF Respondents Have Anchored Inflation Expectations?" @default.
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- W4293776957 doi "https://doi.org/10.1111/jmcb.12968" @default.
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