Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
A key practical challenge for monetary policy is to gauge the extent to which the private sector perceives the central banks nominal anchor as transparent and credible. In light of that challenge, this commentary discusses some evidence on the evolution of longer-term inflation expectations in three advanced economies and then highlights several econometric issues that are relevant in assessing whether a given central bank has effectively been following a price-level targeting regime or an inflation-targeting regime.