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标题：Economic surprises and inflation expectations: Has anchoring of expectations survived the crisis?
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作者：Søren Lejsgaard Autrup ; Magdalena Grothe
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：This paper analyses price formation in medium- to longer-term maturity segmentsof euro area and US inflation-linked and nominal bond markets around the releasesof important economic indicators.We compare the pre-crisis and crisis periods, controllingfor liquidity effects observed in financial markets. The results allow us todraw conclusions about the anchoring of inflation expectations in the two currencyareas before and during the crisis. We find a somewhat stronger anchoring of inflationexpectations in the euro area than in the United States. During the crisis, thedegree of anchoring of inflation expectations did not change in the euro area, butit decreased to some extent in the United States
关键词：inflation expectations; inflation markets; break-even inflation rates;macroeconomic announcements; nominal and real bond yields