[10] See speech by V. Constâncio, “International headwinds and the effectiveness of Monetary Policy” delivered at  the 25th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies at the Levy Economics Institute of Bard College, Blithewood, Annandale-on-Hudson, New York, 13 April 2016.
[11] As interest rate processes are usually showing very high persistence, it is difficult to econometrically pin down  far-ahead expectations. Either the interest rate process is taken as stationary, in which case the unconditional mean parameter (that becomes more and more relevant for computing conditional expectations the longer the desired horizon) can usually be estimated with high uncertainty only.