Inflation target and anchor of inflation forecasts in Japan
Journal of the Japanese and International Economies(2019)
摘要
•Estimate cross-section Phillips curves by using Japanese forecaster-level data.•Significant structural changes in how to form inflation expectations.•The BOJ's explicit inflation target could partly anchor inflation expectations.•However, the estimated anchor has never reached the target.•An explicit inflation targeting needs to be a feasible one to anchor inflation expectations.
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关键词
E58,E31,E37
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