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

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dc.contributor.authorMedel V., Carlos
dc.coverage.spatialCHILEes_ES
dc.date.accessioned2020-05-27T20:43:47Z
dc.date.available2020-05-27T20:43:47Z
dc.date.issued2018-08
dc.description.abstractTo 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.es_ES
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 128-152
dc.identifier.issn0717-3830
dc.identifier.urihttps://hdl.handle.net/20.500.12580/4869
dc.identifier.urihttps://ideas.repec.org/a/chb/bcchni/v21y2018i2p128-152.html
dc.language.isoenes_ES
dc.publisherBanco Central de Chilees_ES
dc.relation.ispartofEconomía chilena, vol. 21, no. 2
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectINFLACIÓNes_ES
dc.subjectBANCO CENTRAL DE CHILEes_ES
dc.subjectBANCOS CENTRALESes_ES
dc.subjectPOLÍTICA MONETARIAes_ES
dc.titleAn econometric analysis on survey-data-based anchoring of inflation expectations in Chilees_ES
dc.type.docNota de Investigación

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Economía chilena (Notas de investigación)