European Parliament Library

What Drives Inflation Expectations in Brazil? An Empirical Analysis, Martin Cerisola, Gaston Gelos

Contributor
Abstract
This study examines the macroeconomic determinants of survey inflation expectations in Brazil since the adoption of inflation targeting in 1999. The results suggest that the inflation targeting framework has helped anchor expectations, with the dispersion of inflation expectations declining considerably, particularly during periods of high uncertainty. We also find that apart from the inflation target, the stance of fiscal policy, as proxied by the ratio of the consolidated primary surplus to GDP, has been instrumental in shaping expectations. The importance of past inflation in determining expectations appears to be relatively low, and the overall empirical evidence does not suggest the presence of substantial inertia in the inflation process
Table Of Contents
""Contents""; ""I. INTRODUCTION""; ""II. INFLATION EXPECTATIONS IN BRAZIL""; ""III. CONCLUSIONS""; ""APPENDIX I. DATA SOURCES AND VARIABLE DEFINITIONS""; ""References""
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (23 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9780146230943

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