Un análisis de comportamiento a nivel de agente de la encuesta de expectativas de inflación del BCU
Fernando Borraz and
Diego Gianelli
Additional contact information
Diego Gianelli: Banco Central del Uruguay
No 2010001, Documentos de trabajo from Banco Central del Uruguay
Abstract:
Inflation expectations are key unobservable variables for decision-making, especially in managing monetary policy. Understand how to formulate them, if they are rational or adaptive is vital. This study answers these questions through a panel data analysis of the micro data from the inflation expectation survey of the Central Bank of Uruguay. The main findings indicate: i) a low predictive power of the analysts surveyed in the 12-month horizon; ii) a convergence of the individual forecasts to the released monthly median iii) an overweight of the inflation target ceiling and the dynamics of the inflation, and iv) a underweight of monetary policy instruments. With respect to the evidence of rationality, we find the partial use of available information and in some cases, there is a systematic bias.
Keywords: inflation expectations; rationality; forecast errors; expectativas de inflación; racionalidad; errores de pronóstico (search for similar items in EconPapers)
JEL-codes: D85 E31 E58 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2010
References: Add references at CitEc
Citations: View citations in EconPapers (1)
Downloads: (external link)
https://www.bcu.gub.uy/Estadisticas-e-Indicadores/ ... 20Trabajo/1.2010.pdf First version, 2010 (application/pdf)
Related works:
Working Paper: Un análisis de comportamiento a nivel de agente de la encuesta de expectativas de inflación del BCU (2011) 
Working Paper: Un Análisis de Comportamiento a Nivel de Agente de la Encuesta de Expectativas de Inflación del BCU (2010) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:bku:doctra:2010001
Access Statistics for this paper
More papers in Documentos de trabajo from Banco Central del Uruguay Biblioteca Especializada. Banco Central del Uruguay. Diagonal Fabini 777, Montevideo-Uruguay. CP 11100. Contact information at EDIRC.
Bibliographic data for series maintained by Biblioteca Especializada ().