Using a variety of approaches, this paper shows that long-term inflation expectations have de-anchored from the ECB’s inflation aim. The long-term expectations reported in the ECB Survey of Professional Forecasters have not regained the levels that prevailed before the 2013-14 disinflation. Long-term expectations have also become sensitive to short-term expectations and to negative surprises to inflation. Forecasters who participated in most of the survey rounds were highly sensitive to short-term developments in inflation.

中文翻译：

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锚定还是去锚定？就是那个问题

本文使用多种方法表明，长期通胀预期已经脱离了欧洲央行的通胀目标。欧洲央行专业预测员调查中报告的长期预期并未恢复到 2013-14 年通货紧缩之前的普遍水平。长期预期也对短期预期和通胀的负面意外变得敏感。参与大多数调查轮次的预测员对通胀的短期发展高度敏感。