Inflation expectations and monetary policy

Article published in the Economic Review of 2023

In 2022, inflation reached 8.4 % in the euro area, a level not seen since the creation of the currency union in 1999. Against this backdrop, one may well wonder whether economic agents still expect an inflation rate close to the 2 % target set by the European Central Bank (ECB). While this question tends to be answered in the affirmative, there are a number of points worthy of attention.

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