Survey measures confirm that inflation expectations over this period have been subdued and well anchored. The University of Michigan’s survey of ten-year inflation expectations has averaged less than 3 percent and has stayed within a very narrow range over the past five years. 1  Data are from the most recent OECD Economic Outlook (No. 75) (Excel spreadsheet).
BIS Review 57/2004  1  Assessing the outcomes with respect to the Federal Reserve’s goal of maximum sustainable output growth is inherently more difficult. Estimates of the relevant measures, such as the nonacceleratinginflation rate of unemployment (NAIRU), which in recent years has been decreasing according to some estimates, have very wide confidence intervals.