Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand

Medientyp: E-Book

Titel: Inflation Targeting Does Not Anchor Inflation Expectations : Evidence from Firms in New Zealand

Beteiligte: Kumar, Saten [VerfasserIn]; Afrouzi, Hassan [Sonstige Person, Familie und Körperschaft]; Coibion, Olivier [Sonstige Person, Familie und Körperschaft]; Gorodnichenko, Yuriy [Sonstige Person, Familie und Körperschaft]

Körperschaft: National Bureau of Economic Research

Erschienen: Cambridge, Mass: National Bureau of Economic Research, December 2015

Umfang: 1 Online-Ressource

Sprache: Englisch

DOI: 10.3386/w21814

Identifikator:

Reproduktionsnotiz: Hardcopy version available to institutional subscribers

Entstehung:

Anmerkungen: Mode of access: World Wide Web
System requirements: Adobe [Acrobat] Reader required for PDF files

Beschreibung: We study the (lack of) anchoring of inflation expectations in New Zealand using a new survey of firms. Managers of these firms display little anchoring of inflation expectations, despite twenty-five years of inflation targeting by the Reserve Bank of New Zealand, a fact which we document along a number of dimensions. Managers are unaware of the identities of central bankers as well as central banks' objectives, and are generally poorly informed about recent inflation dynamics. Their forecasts of future inflation reflect high levels of uncertainty and are extremely dispersed as well as volatile at both short and long-run horizons. Similar results can be found in the U.S. using currently available surveys as shown in Binder (2015)

Zugangsstatus: Freier Zugang

Nur in Feld suchen:

Zuletzt gesuchte Begriffe: