This paper compares the indirect measure of inflation expectations derived by Ireland (1996) to the direct measures obtained from expectations surveys in two case studies: the US and Turkey. The authors' results show that the inflation bounds calculated for US data are more volatile than survey results, and are too ...Download Now
This paper has two main objectives. The first objective is to propose a new indicator of core inflation, which is obtained by idiosyncratic dynamics and cleaning month on month relative price fluctuations from overall price changes. The authors use a factor model with the subcomponents of CPI inflation to extract ...Download Now
This paper describes the challenges faced during the implementation of implicit inflation targeting in Turkey and evaluates the transition process to full-fledged inflation targeting. Using this background, the paper draws lessons for similar countries considering inflation targeting as a monetary policy regime. The authors argue that, the strategy of starting ...Download Now
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