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dc.contributor.authorAguilar, Pablo
dc.coverage.spatialZona euro
dc.date.accessioned2020-11-06T21:17:57Z
dc.date.available2020-11-06T21:17:57Z
dc.date.issued2020-11-03
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/14006
dc.descriptionArtículo de revista
dc.description.abstractThis article analyses agents’ perception of the period of low inflation in recent years, in the context of a model in which these agents form their expectations on the basis of simple forecasting rules. The approach used allows a distinction to be drawn between which portion of the low inflation phenomenon might be due to temporary factors and which might be considered permanent. The results of the analysis for the euro area suggest that agents perceive the inflation rate’s recent departure from the monetary policy objective to be predominantly temporary, although these deviations are marked by a considerable degree of persistence. In comparative terms, the estimated persistence in the case of the euro area of the deviations observed from the inflation target approximately double those in the United States over the 1-and 5-year horizons.
dc.format.extent10 p.
dc.language.isoen
dc.publisherBanco de España
dc.relation.ispartofEconomic Bulletin / Banco de España, 4/2020
dc.relation.hasversionVersión en español 123456789/14001
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectExpectations
dc.subjectInflation
dc.subjectLearning
dc.subjectFinancial analysis
dc.subjectMonetary policy
dc.titleInflation persistence in the euro area: the role of expectations
dc.typeArtículo
dc.identifier.bdebib000470531
dc.identifier.bdepubECBU-2020-4B-art36
dc.subject.bdeInformación e incertidumbre
dc.subject.bdeModelización econométrica
dc.subject.bdeFluctuaciones y ciclos económicos
dc.publisher.bdeMadrid : Banco de España, 2020
dc.subject.jelC53
dc.subject.jelD84
dc.subject.jelE30
dc.subject.jelE44
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