Inflation expectation is acknowledged to be an important indicator for policy makers and financial investors. To … capture a more accurate real-time estimate of inflation expectation on the basis of financial markets, we propose an arbitrage …-free model across different countries in a multi-maturity term structure, where we first estimate inflation expectation by …

decisions with regard to inflation expectations of financial market experts for the euro area from February 1999 to June 2007 … of inflation expectations formation. …