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

Content Provider	Semantic Scholar
Author	Kumar, Saten Afrouzi, Saten Hassan Olivier Yuriy Coibion, Saten Hassan Olivier Yuriy Gorodnichenko, Saten Hassan Olivier Yuriy
Copyright Year	2015
Abstract	ABSTRACT:Using a new survey of firm managers, we investigate whether inflation expectations in New Zealand are anchored or not. In spite of 25 years of inflation targeting by the Reserve Bank of New Zealand, firm managers display little anchoring of such expectations. We document this finding along a number of dimensions. Managers are unaware of the identities of central bankers or of central banks’ objectives, and they are generally poorly informed about recent inflation dynamics. Their forecasts of future inflation reflect high levels of uncertainty and are extremely dispersed, and they are volatile along both short-run and long-run horizons. Similar results can be found for the United States using currently available surveys.
Starting Page	151
Ending Page	225
Page Count	75
File Format	PDF HTM / HTML
DOI	10.1353/eca.2015.0007
Volume Number	2015
Alternate Webpage(s)	https://www.brookings.edu/wp-content/uploads/2016/07/PressRelease_Kumar-et-al_InflationTargeting.pdf
Alternate Webpage(s)	https://5283cf16-a-62cb3a1a-s-sites.googlegroups.com/site/ocoibion/KACG%20-%20draft%20-%202015-10-23.pdf?attachauth=ANoY7crHSo2LkqhzhzF9SveKwQojYk_MusetC29ZsLU5AuaM12I0LfTRBg2iDIzKUqUe6q5l3igj9PCz9NsanNDVBNbwH07YvNoZjWNvGWfoEGCRV6vnsokhaPNgD4b-PlKtXBdrW7qNA0UNGa5pmZagr39As4ZSeotmIq7zfU0Kbqzp7EDjQusr5pL7IrPXHMc3daN8VvHnaPfBdLSlOaChw9TmLfvtHETMLEce_fgG3ubQHw7xSS0%3D&attredirects=0&d=1
Alternate Webpage(s)	https://www.brookings.edu/wp-content/uploads/2016/07/PDFKumarTextFallBPEA.pdf
Alternate Webpage(s)	https://www.brookings.edu/wp-content/uploads/2016/07/ConferenceDraft_Kumar-et-al_InflationTargeting.pdf
Alternate Webpage(s)	http://eml.berkeley.edu/~ygorodni/KACG.pdf
Alternate Webpage(s)	https://www.nber.org/papers/w21814.pdf
Alternate Webpage(s)	https://eml.berkeley.edu//~ygorodni/CV-Gorodnichenko.pdf
Alternate Webpage(s)	https://www.aeaweb.org/conference/2016/retrieve.php?pdfid=951
Alternate Webpage(s)	https://www.brookings.edu/wp-content/uploads/2015/09/KumarTextFall15BPEA.pdf
Alternate Webpage(s)	https://doi.org/10.1353/eca.2015.0007
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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

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