The 10 references with contexts in paper De Pooter, Robitaille, Walker, Zdinak (2014) “Are Long-Term Inflation Expectations Well Anchored in Brazil, Chile and Mexico?” / RePEc:fip:fedgif:1098

2
Ball, L. (2011), The Performance of Alternative Monetary Regimes, in K. J. Arrow and M. D. Intriligator (eds.),Handbook of Monetary Economics, North-Holland, 1303-1343.
Total in-text references: 1
  1. In-text reference with the coordinate start=4018
    Prefix
    policy strategy for maintaining inflation at a relatively low and stable level without sacrificing long-term growth.1Nonetheless, it is still an open question whether countries that have adopted inflation-targeting regimes have lower inflation and better economic performance than countries that follow other monetary frameworks, see for example the research on macroeconomic performance in
    Exact
    Ball (2011),
    Suffix
    Ball and Sheridan (2005),Gon ̧calves and Salles (2002), and Brito and Bystedt (2010). Others have taken a different approach by looking for evidence on the extent to which inflation expectations are well anchored using survey and financial market data.

8
BIS (2005), Zero-Coupon Yield Curves: Technical Documentation,Bank for International Settlements, Basel.
Total in-text references: 1
  1. In-text reference with the coordinate start=29501
    Prefix
    zero-coupon yields at any given timetcan be well described by a smooth parametric 10In contrast, some developed economies, for example Germanyand Japan, while having extremely liquid nominal bond markets, still have much less developed inflation-linked bond markets, with only a small number of bonds outstanding at any given time. 11For example, the Bank of International Settlements,
    Exact
    (BIS, 2005),
    Suffix
    reports that nine out of the thirteen (predominantly European) central banks that report their zero-coupon curve estimates to the BIS use either the Nelson and Siegel (1987) model or an extension of it, the Svensson (1994) model, to construct zero-coupon yield curves. 8 function which is determined by just four parameters; yt(τ) =β1,t+β2,t   1−exp −τλt <  +β3,t   1−exp −τλt < <−exp > − τ λt

15
Fraga, A. (2009), Dez Anos de Metas para a Infla ̧c ̃ao,Central Bank of Brazil, 10 Years of Inflation Targets in Brazil 1999-2009 [in Portuguese].
Total in-text references: 1
  1. In-text reference with the coordinate start=18200
    Prefix
    At that moment, weimagined that such level would be, in a first step, something close to 3 to 4 percent (inspired by theChilean experience) and that, with time, we would go to a rate close to the world average”
    Exact
    (Fraga,2009,
    Suffix
    the translation is ours). After the Lula government took office, the inflation target wasset at 412percent in mid-2003 and the target has remained at that level since then. However, in 2004, CBB President Meirelles stated that he envisioned inflation falling to a long-term inflation target of 4 percent (Gomes, 2004).

18
Goldfajn, I. (2007), Eclyse e a meta de infla ̧c ̃ao,O Estado de S ̃ao Paulo, July 3.
Total in-text references: 1
  1. In-text reference with the coordinate start=18853
    Prefix
    In mid-2007, in announcing the target for 2009, Finance Minister Guido Mantega stated that ”the inflation targets for 2008 and 2009 should be seen asa transition in the direction of a long-term inflation target that I judge appropriate to be in the neighborhood of 4 percent, given the characteristics of the Brazilian economy”
    Exact
    (Goldfajn, 2007,
    Suffix
    the translation is ours). Dilma Rousseff, Lula’s protege and successor, took office in January 2011, and appointed Alexandre Tombini as the new central bank president. In October 2012, Tombini stated that ”[w]e have to have the ambition of having inflation converge to [inflation] of our trading partners, as this, in the medium and long-term, would make a difference.

19
Gomes, W. (2004), Meirelles: transi ̧c ̃ao para meta de 4infla ̧c ̃ao ao ano ser ́a suave,O Globo Online, July 5. Gon ̧calves, C. E. S. and J. M. Salles (2002), Term Structure of Interest Rates with Regime Shifts, Journal of Finance,57, 1997–2043.
Total in-text references: 1
  1. In-text reference with the coordinate start=18514
    Prefix
    After the Lula government took office, the inflation target wasset at 412percent in mid-2003 and the target has remained at that level since then. However, in 2004, CBB President Meirelles stated that he envisioned inflation falling to a long-term inflation target of 4 percent
    Exact
    (Gomes, 2004).
    Suffix
    In mid-2007, in announcing the target for 2009, Finance Minister Guido Mantega stated that ”the inflation targets for 2008 and 2009 should be seen asa transition in the direction of a long-term inflation target that I judge appropriate to be in the neighborhood of 4 percent, given the characteristics of the Brazilian economy” (Goldfajn, 2007, the translation is ours).

20
Grinbaum, R. (2012), Para BC, n ̃ao d ́a para baixar meta de infla ̧c ̃ao,O Estado de S ̃ao Paulo, October 24. 21 G ̈urkaynak, R. S., A. T. Levin, A. N. Marder, and E. T. Swanson(2007a), Inflation Targeting and the Anchoring of Inflation Expectations in the Western Hemisphere,Monetary Policy under
Total in-text references: 1
  1. In-text reference with the coordinate start=19349
    Prefix
    In October 2012, Tombini stated that ”[w]e have to have the ambition of having inflation converge to [inflation] of our trading partners, as this, in the medium and long-term, would make a difference. Nonetheless, at the moment, we have to consolidate this level [referring to the 412percent inflation target].”
    Exact
    (Grinbaum, 2012,
    Suffix
    the translation is ours.). As we detail below, there is some evidence that uncertainty about the longer-term inflation goal has been feeding into survey and financial market-basedreadings on the longer-term inflation outlook for Brazil.

25
Hammond, G. (2012), State of the Art of Inflation Targeting,Centre for Central Banking Studies, Handbook - No. 29, Bank of England. H ̈ordahl, P. (2009), Disentangling the Drivers of Recent Shifts in Break-Even Inflation Rates,Bank of International Settlements Quarterly Review, March, 10–11.
Total in-text references: 1
  1. In-text reference with the coordinate start=6330
    Prefix
    However, there are also differences among the three with respect to institutional settings and in how their central banks explain to the public how they will strive to achieve the inflation goal. Chile, for example, had already achieved considerable success in macroeconomic stabilization in 1According to
    Exact
    Hammond (2012),
    Suffix
    27 countries are considered tohave inflation-targeting frameworks: Armenia, Australia, Brazil, Canada, Chile, Colombia, the Czech Republic, Ghana, Guatemala, Hungary, Iceland, Indonesia, Israel, Korea, Mexico, New Zealand, Norway, Peru, the Philippines, Poland, Romania, Serbia, South Africa, Sweden, Thailand, Turkey, and the United Kingdom.

26
J.P. Morgan (2006), Local Markets Guide, March 2006.
Total in-text references: 1
  1. In-text reference with the coordinate start=36333
    Prefix
    Morgan reports that liquidity in Mexican bond markets has improved over time, stating that the liquidity in 10-year Mexican bonds has ”increased markedly”, with bid-ask spreads having fallen and foreign holdings having risen from 18 percent in early 2006 to about 60 percent in August 2012, see J.P.
    Exact
    Morgan (2006, 2012).
    Suffix
    10 Brazil and Mexico, in particular for inflation-index bonds in Mexico, spiked up at the height of the global financial crisis in late 2008, amidst large capital outflows from Latin American countries.

27
J.P. Morgan (2012), Local Markets Guide, September 2012.
Total in-text references: 1
  1. In-text reference with the coordinate start=36333
    Prefix
    Morgan reports that liquidity in Mexican bond markets has improved over time, stating that the liquidity in 10-year Mexican bonds has ”increased markedly”, with bid-ask spreads having fallen and foreign holdings having risen from 18 percent in early 2006 to about 60 percent in August 2012, see J.P.
    Exact
    Morgan (2006, 2012).
    Suffix
    10 Brazil and Mexico, in particular for inflation-index bonds in Mexico, spiked up at the height of the global financial crisis in late 2008, amidst large capital outflows from Latin American countries.

35
Svensson, L. E. O. (1994), Estimating and Interpreting Forward Interest Rates: Sweden 1992-1994, NBER Working Paper Series, No. 4871. Vald ́es, R. (2007), Inflation Targeting in Chile: Experience and Selected Issues,Central Bank of
Total in-text references: 2
  1. In-text reference with the coordinate start=29721
    Prefix
    have much less developed inflation-linked bond markets, with only a small number of bonds outstanding at any given time. 11For example, the Bank of International Settlements, (BIS, 2005), reports that nine out of the thirteen (predominantly European) central banks that report their zero-coupon curve estimates to the BIS use either the Nelson and Siegel (1987) model or an extension of it, the
    Exact
    Svensson (1994)
    Suffix
    model, to construct zero-coupon yield curves. 8 function which is determined by just four parameters; yt(τ) =β1,t+β2,t   1−exp −τλt <  +β3,t   1−exp −τλt < <−exp > − τ λt  (1) < τ λt τ λt whereyt(τ) is the model-impliedτ-period zero-coupon yield and{β1,t, β2,tβ3,t, λt}is the parameter vector.

  2. In-text reference with the coordinate start=35343
    Prefix
    leave analyzing the effects of macroeconomic news surprises on the full term structure of forward inflation compensation, such as is done in Beecheyet al.(2011), for future research. 14For Morgan Markets, seehttps://mm.jpmorgan.com/. For PiP, seehttps://www.precios.com.mx/. 15G ̈urkaynak, Sack, and Wright (2007b) show that for estimating zero-coupon curves from U.S. Treasury bonds, one needs the
    Exact
    Svensson (1994)
    Suffix
    model to accurately fit bond prices in the very longest end of the curve. However, the Svensson model requires estimating additional parameterscompared with the Nelson and Siegel model. Therefore, due to the relatively small number of bond prices that we haveavailable for any given day in our sample, we only consider maturities of up to fifteen years.