23 See Kiley (2008) for a discussion of the relationship between U.S. monetary policy and survey measures of  long-run inflation expectations; his results suggest that it took many years for the Federal Reserve to succeed in anchoring long-run expectations at a low level.
In a similar vein, Bernanke and others (1999b) conclude that inflation expectations “respond only after a lag following declines in inflation” (p. 298) based on their study of the effects of adopting inflation targeting in different countries. 24 I discussed this likelihood in a recent speech (Yellen, 2016).