inflation expectation

嗨，努力学习的PZer你好：

这两句话都是原版书的原话，都是在在教材P194，

第一个截图里说是顺周期的，这个结论是基于，周期模式是已经知晓的情况下（Because cyclical pattern of inflation is known）。

第二个截图里说是逆周期，是介于“horizon structure”这个假设。

这两类假设的区别，原版书也做出了解释，供你参考

Because the cyclical pattern of inflation is well known, inflation expectations will also be procyclical.

 It is important, however, to differentiate inflation expectations by horizon.

Very long-term inflation expectations should be virtually unaffected by cyclical fluctuations provided investors maintain confidence in the central bank’s target.

Short horizon expectations will tend to have about the same amplitude as actual inflation.

Inflation, and therefore inflation expectations, over intermediate horizons will be a blend of the different phases of the current and subsequent cycles.

Hence, the amplitude of expectations will decline with horizon—again, provided investors do not lose confidence in the central bank’s target.

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努力的时光都是限量版，加油！

嗨，从没放弃的小努力你好：

你的理解是对的，在已知的商业模式下，通胀本身是可预期的

但是通胀预期的horizon structure是逆周期的。

弄明白就好。不客气的，预祝考试顺利~

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努力的时光都是限量版，加油！

我去查了原文，可不可以这么理解，通胀预期本身是顺周期的，但是通胀预期的horizon structure是逆周期的，就像收益率曲线是逆周期的一样？

老师，你能进一步解释下吗？我看不出来这段话解释了不同的假设，虽然我英语没问题。