A number of industrialized countries have recently offered inflation-indexed bonds. Some members of another group of … countries that had earlier adopted more comprehensive indexation in response to high inflation have taken steps to reduce the … use of inflation-indexed bonds, and relates these to the experiences of various issuers. The paper also considers some …

This paper explores international bond spillovers using daily and intra-day data on yields on inflation-indexed bonds … and associated inflation expectations for the United States, Australia, Canada, France, Sweden, Japan, and the United … Kingdom. The analysis starts in 2002, by which point U.S. inflation-indexed markets were fully mature. Real bond yields are …

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years … unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical … assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of … inflation expectations' anchoring using survey-based inflation forecasts for 45 economies starting in 1989. We then study the …

Inflation has been below the Federal Reserve's target for much of the past 20 years, creating worries that inflation … forecasters, household and business surveys, and the market for Treasury inflation protected securities (TIPS) to estimate long …-run inflation expectations. These have fallen notably in the past few years (to roughly 1.9 percent for CPI inflation, well below …

This paper examines the recent behavior of core inflation in the United States. We specify a simple Phillips curve … based on the assumptions that inflation expectations are fully anchored at the Federal Reserve’s target, and that labor …-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including …

This paper incorporates market-based inflation expectations to the growing literature on trend inflation estimation …, and finds that there has been a significant decline in euro area trend inflation since 2013. This finding is robust to … using different measures of long-term inflation expectations in the estimation, both market-based and surveys. That evidence …

Do euro area inflation expectations remain well-anchored? This paper finds that the protracted period of low (and below …-target) inflation in the euro area since 2013 has weakened their anchoring. Testing their sensitivity to inflation and macroeconomic … news, this paper expands existing results in two key dimensions. First, by analyzing all available (advanced) inflation …