Inflation targeting and the anchoring of inflation expectations in the Western hemisphere
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Date
2007
Journal Title
Journal ISSN
Volume Title
Publisher
Banco Central de Chile
Abstract
Description
Many central banks have adopted a formal inflation-targeting framework based on the belief and the theoretical predictions that an explicit and clearly communicated numerical objective for the level of inflation over a specified period would, in itself, be a strong communication device that would help anchor long-term inflation expectations. Empirically verifying the success of inflation-targeting regimes in this dimension has been difficult, however, as survey data on long-term inflation expectations tend to be of limited availability and low frequency.
Keywords
INFLACIÓN, BANCOS CENTRALES, PRONÓSTICO DE LA ECONOMÍA