欧洲央行：欧元区的通货膨胀（英文版）

This article measures the degree of potential de-anchoring of inflation expectations in the euro area vis-à-vis the inflation objective of the European Central Bank (ECB). A no-arbitrage term structure model that allows for a time-varying long-term mean of inflation expectations, π ∗ t , is applied to inflation-linked swap (ILS) rates, while taking into account survey-based inflation forecasts. Estimates of π ∗ t have been close to 2% since the mid-2000s, indicating that long-term inflation e