Inflation expectations and monetary policy: what have we learned and to what end?
Abstract
Summary We review recent research and experiences linking inflation and expectations, emphasizing what has been learned since 2020. One clear lesson is that the inflation expectations of most economic agents have been and remain unanchored. The unanchored nature of inflation expectations, in combination with supply shocks, can explain much of the inflation surge and subsequent disinflation when viewed through the lens of an expectations-augmented Phillips curve, both in the United States and in other parts of the world.
Fields of Study & Subjects
Monetary Policy and Economic Impact
Economic Theory and Policy
Economic
financial
and policy analysis
Publication details
- Journal / source
- Econometrics Journal
- Publisher
- Oxford University Press (OUP)
- Publication date
- 11 March 2026
- Language
- EN