With the nominal short-term interest rates approaching the zero-lower bound, the ECB adopted a range of unconventional monetary policies (UMP) to push inflation back to its target, but inflation has remained far below two percentage points. While conventional monetary policy tools are ineffective, inflation expectations become a key channel for the transmission of monetary policy. Nevertheless, there is still no clear consensus about the effectiveness of UMP on inflation expectations. By constructing a novel measure for UMP, our study examines the effects of the ECB's UMP on inflation expectations in the Euro area during 2009–2018. We find that an unanticipated UMP shock raises inflation expectations in the short-term. However, as higher inflation expectations do not boost GDP nor realized inflation, they decrease after a few months, which suggests that the expectation channel is not fully functioning even if the ECB manages to stabilize inflation expectations temporarily.

随着名义短期利率接近零下限，欧洲央行采取了一系列非常规货币政策（UMP）将通胀推回目标，但通胀仍远低于两个百分点。在常规货币政策工具无效的情况下，通胀预期成为货币政策传导的关键渠道。尽管如此，对于统一货币政策对通胀预期的有效性仍然没有明确的共识。通过构建新的 UMP 衡量标准，我们的研究检验了 2009-2018 年欧洲央行的 UMP 对欧元区通胀预期的影响。我们发现意外的 UMP 冲击会在短期内提高通胀预期。然而，由于更高的通胀预期不会提振 GDP 或实际通胀，它们会在几个月后下降，