Inflation expectations have also been remarkably stable in recent years. Average long-term consensus inflation expectations have fallen from 2.8% in the 1990s (1990 to 1998) to 1.8% over the past six years. This is fully in line with our definition of price stability.
Conclusion Coming back to the title of this lecture “The role of interest rates in theory and practice - How useful is the concept of the natural real rate of interest for monetary policy?” I would like to conclude by answering this question.