This paper investigates the role of long-term inflation expectations for the monetary transmission mechanism and the conduct of monetary policy in a structural VAR framework. In contrast to earlier studies, we find that U.S. long-term inflation expectations respond significantly to a monetary policy shock. In line with a re-anchoring channel of monetary policy, long-term inflation expectations play an important role for the transmission of monetary policy shocks to the rate of inflation. Structural scenario analysis suggests that the response of monetary policy to expectations shocks contributes to the stabilization of inflation and unemployment.

中文翻译：

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长期通胀预期和货币政策冲击的传导：来自 SVAR 分析的证据

本文研究了长期通胀预期对货币传导机制和货币政策在结构性 VAR 框架中的作用。与早期的研究相比，我们发现美国的长期通胀预期对货币政策冲击有显着反应。与货币政策重新锚定渠道相一致，长期通胀预期在货币政策冲击向通胀率传导方面发挥着重要作用。结构性情景分析表明，货币政策对预期冲击的反应有助于稳定通胀和失业。