Expectativas de inflación y credibilidad de la política monetaria: los diez primeros años del Banco Central Europeo

• Autores: Juan A. García Puerta
• Localización: Cuadernos europeos de Deusto, ISSN 1130-8354, Nº 41, 2009 (Ejemplar dedicado a: El euro: los diez primeros años), págs. 73-91
• Idioma: español
• Enlaces
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• Resumen
  • español

    Las expectativas de inflación a largo plazo son un indicador fundamental para la política monetaria. Este artículo describe los principales indicadores de expectativas de inflación disponibles para la zona del euro, tanto procedentes de encuestas como extraídos de instrumentos financieros, e interpreta sus movimientos a lo largo de los primeros diez años de existencia del BCE. La evidencia disponible sugiere que el grado de credibilidad alcanzado por la política monetaria única en la zona del euro en este corto periodo de tiempo es muy considerable y un activo crucial de cara al futuro.

  • English

    Long-term inflation expectations are a crucial indicator for monetary policy. This paper describes the most important indicators of inflation expectations available in the euro area, both from surveys and extracted from financial instruments, and interprets their developments along the first ten years of the ECB. Available evidence suggests that the euro area monetary policy has reached a significant degree of credibility in this short period of time.

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