摘要：How inflation expectations are formed in countries which share monetary policy is not a trivialquestion. Inflation expectations are a key indicator for monetary policy, since they reflect theprivate sector’s perception of future inflation developments and the public’s confidence in thecentral bank’s ability to achieve its price stability mandate. In the long term and with a commonmonetary authority enjoying full credibility, the economic agents of all the countries in amonetary union should expect the same inflation rate in each of their economies: the rateconstituting the monetary authority’s target. However, as shown by Chart 1, agents’expectations as to the future course of inflation at shorter time horizons may differ from onecountry to another as a result of specific factors affecting their inflation dynamics.
