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Autoren: 
Altuğ, Sumru
Çakmaklı, Cem
Datum: 
2014
Reihe/Nr.: 
Working Paper 1413
Zusammenfassung: 
In this paper, we study the evolution of inflation expectations for two key emerging economies, Brazil and Turkey, using a reduced form model in a state-space framework, where the level of inflation is modeled explicitly. We match the survey-based inflation expectations and inflation targets set by the central banks of Brazil and Turkey with the predictions implied by the model in a statistically coherent way. Confronting these expectations with inflation targets leads to a statistical measure of the discrepancy between inflation expectations and the target inflation. The results indicate that inflation expectations are anchored more closely the inflation target set by the Central Bank for Brazil. By contrast, there is more evidence that inflation expectations deviate significantly from the target inflation set by the Central Bank for Turkey.
Schlagwörter: 
Inflation targeting
survey-based inflation expectations
forecasting
state space model
JEL: 
E31
E37
C32
C51
Dokumentart: 
Working Paper
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