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Inflation Expectations Formation In The Presence Of Policy Shifts And Structural Breaks: An Experimental Analysis

Author

Listed:
  • Luis Ricardo Maertens

    (Departamento de Economía - Pontificia Universidad Católica del Perú)

  • Gabriel Rodríguez

    (Departamento de Economía - Pontificia Universidad Católica del Perú)

Abstract

En este documento se muestra como las expectativas de inflacion son formadas y si cambios en la polÌtica o cambios estructurales influencian en dicha formacion. Cuatro experimentos son realizados con 75 individuos no experimentados donde se solicita predecir la inflacion domestica futura y reportar intervalos de cobranza. En tres momentos de los experimentos se solicita adicionalmente informacion referente a la incertidumbre de las predicciones. El diseño permite contar con 6750 puntos de prediccion de inflacion domestica e intervalos de confianza. Los resultados muestran que: (1) las expectativas de inflaciÛn son raramente racionales; (2) en general, los individuos ignoran informacion valiosa y tienen tendencia a prestar atencion al comportamiento tendencial pasado; (3) la adopcion de metas de inflacion aumenta el numero de individuos que predicen en forma racional y reduce la incertidumbre acerca de la inflaciÛn futura; y (4) una recesion reduce el nivel de racionalidad entre los individuos.

Suggested Citation

  • Luis Ricardo Maertens & Gabriel Rodríguez, 2012. "Inflation Expectations Formation In The Presence Of Policy Shifts And Structural Breaks: An Experimental Analysis," Documentos de Trabajo / Working Papers 2012-339, Departamento de Economía - Pontificia Universidad Católica del Perú.
  • Handle: RePEc:pcp:pucwps:wp00339
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    References listed on IDEAS

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    Cited by:

    1. repec:zbw:rwirep:0528 is not listed on IDEAS
    2. Deversi, Marvin, 2014. "Do Macroeconomic Shocks Affect Intuitive Inflation Forecasting? An Experimental Investigation," Ruhr Economic Papers 528, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    3. Marvin Deversi, 2014. "Do Macroeconomic Shocks Affect Intuitive Inflation Forecasting? An Experimental Investigation," Ruhr Economic Papers 0528, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.

    More about this item

    Keywords

    Expectativas de Inflación; Análisis Experimental; Expectativas Racionales; Metas de Inflación; Cambio Estructural.;

    JEL classification:

    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications

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