Are long-run inflation expectations anchored more firmly in the euro area than in the United States?
Meredith J. Beechey, Benjamin K. Johannsen, Andrew Theo Levin, Board of Governors of the Federal Reserve System (U.S.)
Centre for Economic Policy Research, 2007 - Business & Economics - 37 pages
3 pages matching interest rate swap in this book
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2003 to December area inﬂation compensation basis points Blue Chip survey breakeven Business Conﬁdence Capacity Utilization Consumer Conﬁdence consumer price inﬂation Core CPI data surprises deﬁnition dispersion ECB’s Economics Discussion Series error bands estimates and standard Euribor euro area inﬂation expected inﬂation Finance and Economics ﬁnd ﬁrmly anchored ﬁrst ﬁve-year-ahead forward inﬂation compensation forward rate ending French News Business Giirkaynak IFO Business Climate Indicates statistical signiﬁcance Industrial Production inﬂation risk premium inﬂation swaps inﬂation-swaps market interest rate swap Italian News Business liquidity long-horizon long-run inﬂation expectations market liquidity market reaction monetary policy nominal interest rate one-year forward rates percent level period is June Producer Price Index professional forecasters rates of inﬂation regressions regressors response of one-year Sample period selected macroeconomic releases shows coefﬁcient estimates standard deviation standard errors surprise component Survey of Professional Svensson table shows coefﬁcient term structure Unemployment Rate United yield curves