An econometric analysis on survey-data-based anchoring of inflation expectations in Chile

To what extent are inflation expectations of public agents anchored to the Central Bank of Chile’s (CBC) inflation target? In this note, I perform several econometric testing procedures in an attempt to answer this question. Expectations’ anchoring is understood as another central bank instrument, i...

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Autor principal:	Medel V., Carlos
Formato:	Nota de Investigación
Lenguaje:	English
Publicado:	Banco Central de Chile 2020
Materias:	INFLACIÓN BANCO CENTRAL DE CHILE BANCOS CENTRALES POLÍTICA MONETARIA
Acceso en línea:	https://hdl.handle.net/20.500.12580/4869 https://ideas.repec.org/a/chb/bcchni/v21y2018i2p128-152.html
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spelling	oai-20.500.12580-48692021-04-24T20:37:15Z An econometric analysis on survey-data-based anchoring of inflation expectations in Chile Medel V., Carlos INFLACIÓN BANCO CENTRAL DE CHILE BANCOS CENTRALES POLÍTICA MONETARIA To what extent are inflation expectations of public agents anchored to the Central Bank of Chile’s (CBC) inflation target? In this note, I perform several econometric testing procedures in an attempt to answer this question. Expectations’ anchoring is understood as another central bank instrument, in the sense that it helps to promote price stability through the ability of policy makers to influence inflation expectations. Thus, expectations anchoring comes out as a result of policy actions. I provide evidence suggesting that agents’ expectations are indeed anchored. This is found within the manoeuvring horizon of monetary policy. Furthermore, within the fully-fledged inflation targeting period—starting in 2000—three periods are detected, namely (i) the pre-Global Financial Crisis (GFC) period, (ii) the post-GFC period until mid-2015, and (iii) the low inflation period afterwards. Particularly for the last period, the anchoring effect is clearer and more pronounced. 2020-05-27T20:43:47Z 2020-05-27T20:43:47Z 2018-08 Nota de Investigación 0717-3830 https://hdl.handle.net/20.500.12580/4869 https://ideas.repec.org/a/chb/bcchni/v21y2018i2p128-152.html en Economía chilena, vol. 21, no. 2 Attribution-NonCommercial-NoDerivs 3.0 Chile Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 128-152 application/pdf CHILE Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	English
topic	INFLACIÓN BANCO CENTRAL DE CHILE BANCOS CENTRALES POLÍTICA MONETARIA
spellingShingle	INFLACIÓN BANCO CENTRAL DE CHILE BANCOS CENTRALES POLÍTICA MONETARIA Medel V., Carlos An econometric analysis on survey-data-based anchoring of inflation expectations in Chile
description	To what extent are inflation expectations of public agents anchored to the Central Bank of Chile’s (CBC) inflation target? In this note, I perform several econometric testing procedures in an attempt to answer this question. Expectations’ anchoring is understood as another central bank instrument, in the sense that it helps to promote price stability through the ability of policy makers to influence inflation expectations. Thus, expectations anchoring comes out as a result of policy actions. I provide evidence suggesting that agents’ expectations are indeed anchored. This is found within the manoeuvring horizon of monetary policy. Furthermore, within the fully-fledged inflation targeting period—starting in 2000—three periods are detected, namely (i) the pre-Global Financial Crisis (GFC) period, (ii) the post-GFC period until mid-2015, and (iii) the low inflation period afterwards. Particularly for the last period, the anchoring effect is clearer and more pronounced.
format	Nota de Investigación
author	Medel V., Carlos
author_facet	Medel V., Carlos
author_sort	Medel V., Carlos
title	An econometric analysis on survey-data-based anchoring of inflation expectations in Chile
title_short	An econometric analysis on survey-data-based anchoring of inflation expectations in Chile
title_full	An econometric analysis on survey-data-based anchoring of inflation expectations in Chile
title_fullStr	An econometric analysis on survey-data-based anchoring of inflation expectations in Chile
title_full_unstemmed	An econometric analysis on survey-data-based anchoring of inflation expectations in Chile
title_sort	econometric analysis on survey-data-based anchoring of inflation expectations in chile
publisher	Banco Central de Chile
publishDate	2020
url	https://hdl.handle.net/20.500.12580/4869 https://ideas.repec.org/a/chb/bcchni/v21y2018i2p128-152.html
work_keys_str_mv	AT medelvcarlos aneconometricanalysisonsurveydatabasedanchoringofinflationexpectationsinchile AT medelvcarlos econometricanalysisonsurveydatabasedanchoringofinflationexpectationsinchile
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An econometric analysis on survey-data-based anchoring of inflation expectations in Chile

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