Jung, Kyu-Chul - In: KDI-journal of economic policy 43 (2021) 2, pp. 81-101
, due to low inflation expectations the operation of monetary policy was limited as the base rate approached the zero lower … bound. The main objective of this paper is to estimate where and how tightly inflation expectations are anchored. It was … found that long-term inflation expectations fell to around 1%, falling short of the inflation target, and that inflation …