Decoding Central Banks' Practices: A Closer Look at Inflation Expectations Surveys

This article presents the results of the “Central Bank Expectations Survey,” conducted by the Central Bank of Chile and targeted at over 30 central banks worldwide, with responses from 28 of them. The objective of the survey was to gather information on the existence of inflation expectations surveys aimed at firms or households, identifying who conducts the data collection, the methodologies used, the purposes for which they are employed, and whether the results are used as an input to monitor the anchoring of agents' expectations relative to each institution's inflation target. The study's findings reveal methodological and data treatment heterogeneity, as well as diversity in the interpretation of expectations anchoring. Additionally, a lag was identified in the use of consumer surveys compared to firm surveys. The study demonstrates the growing importance of these instruments in economic analysis and monetary policy formulation but also highlights the need for joint efforts among institutions to improve the quality and comparability of the results obtained.