Deviating from full rationality but not from theoretical consistency: The behavior of inflation expectations in Brazil
•We reject the hypothesis of full rationality of inflation expectations in Brazil.•Inflation forecast errors of survey respondents are biased and can be predicted.•Deviations from full rationality cannot be explained by information rigidity.•Expectations about related variables respond to each other...
Saved in:
| Published in: | The Quarterly review of economics and finance Vol. 84; pp. 492 - 501 |
|---|---|
| Main Authors: | , , |
| Format: | Journal Article |
| Language: | English |
| Published: |
Elsevier Inc
01-05-2022
|
| Subjects: | |
| Online Access: | Get full text |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Abstract | •We reject the hypothesis of full rationality of inflation expectations in Brazil.•Inflation forecast errors of survey respondents are biased and can be predicted.•Deviations from full rationality cannot be explained by information rigidity.•Expectations about related variables respond to each other as predicted by theory.
The aim of this paper is to investigate whether inflation expectations in Brazil have characteristics and statistical properties that can be correlated (possibly in a causal way) with observed variables of interest and expectations about them. Our analysis covers the period from December 2001 to August 2018. We test the hypothesis of rational expectations in the formation of inflation expectations by the respondents of the official survey conducted by the Central Bank of Brazil, examining the behavior of their forecast errors. As these errors are biased and can be predicted, we reject the hypothesis of full rationality. We also test models of noisy and sticky information, and we cannot conclude that the deviations from full rationality can be explained by information rigidity. Additionally, with a vector error correction model, we find evidence that the expectations about the related macroeconomic variables respond to each other as predicted by a theoretically-grounded macroeconomic model. Therefore, inflation expectations in Brazil are to an important extent consistent with more general expectations about the future performance of the economy. |
|---|---|
| AbstractList | •We reject the hypothesis of full rationality of inflation expectations in Brazil.•Inflation forecast errors of survey respondents are biased and can be predicted.•Deviations from full rationality cannot be explained by information rigidity.•Expectations about related variables respond to each other as predicted by theory.
The aim of this paper is to investigate whether inflation expectations in Brazil have characteristics and statistical properties that can be correlated (possibly in a causal way) with observed variables of interest and expectations about them. Our analysis covers the period from December 2001 to August 2018. We test the hypothesis of rational expectations in the formation of inflation expectations by the respondents of the official survey conducted by the Central Bank of Brazil, examining the behavior of their forecast errors. As these errors are biased and can be predicted, we reject the hypothesis of full rationality. We also test models of noisy and sticky information, and we cannot conclude that the deviations from full rationality can be explained by information rigidity. Additionally, with a vector error correction model, we find evidence that the expectations about the related macroeconomic variables respond to each other as predicted by a theoretically-grounded macroeconomic model. Therefore, inflation expectations in Brazil are to an important extent consistent with more general expectations about the future performance of the economy. |
| Author | Lima, Gilberto Tadeu Meurer, Roberto Cambara, Leilane de Freitas Rocha |
| Author_xml | – sequence: 1 givenname: Leilane de Freitas Rocha orcidid: 0000-0002-3809-2890 surname: Cambara fullname: Cambara, Leilane de Freitas Rocha email: l.defreitasrochacambara@surrey.ac.uk organization: Department of Economics, Federal University of Santa Catarina, Florianópolis, SC, Brazil – sequence: 2 givenname: Roberto surname: Meurer fullname: Meurer, Roberto email: roberto.meurer@ufsc.br organization: Department of Economics, Federal University of Santa Catarina, Florianópolis, SC, Brazil – sequence: 3 givenname: Gilberto Tadeu surname: Lima fullname: Lima, Gilberto Tadeu email: giltadeu@usp.br organization: Department of Economics, University of São Paulo, São Paulo, SP, Brazil |
| BookMark | eNp9kM1OAyEYRYmpiW31BVzxAjMCw_xg3Gj9TZq4qWvCMGBpplCBTqxPL9O6lg03h9wvfGcGJtZZBcA1RjlGuLrZ5F9e6ZwgMoIcIXIGpripm4ySkk1SRhXJWF2xCzALYYPSKSidguFRDUZEYz-h9m4L9b7voU_AWdGbeIDtPkLr4uk1rpXzKhopeiidDSZEZeXhFq7WCrZqLQbjPHQaGqv74xCovndKxmMOCcMHL35MfwnOteiDuvq75-Dj-Wm1eM2W7y9vi_tlJklDY6Yxo12ncUtQQRrcFpJqoVnBlGiJbisiZEq0IHUpS5xA2ZK6oqJBjDHZ4GIOyGmu9C6EpIjvvNkKf-AY8dEc3_DRHB_NjSyZS6W7U0mlnw1GeR6kSXuqzvi0C--c-a_-C6nKfGQ |
| Cites_doi | 10.1016/j.ijforecast.2018.07.003 10.1016/j.jmacro.2018.04.003 10.1257/aer.20110306 10.1016/j.jimonfin.2003.09.004 10.12660/bre.v35n22015.57573 10.1016/S0165-1765(98)00244-4 10.1080/02692170701474611 10.1590/S0034-71402012000300002 10.1016/j.ejpoleco.2016.11.001 10.1016/j.jimonfin.2003.09.008 10.1162/003355302320935034 10.2307/1935962 10.1080/01603477.2016.1246949 |
| ContentType | Journal Article |
| Copyright | 2020 Board of Trustees of the University of Illinois |
| Copyright_xml | – notice: 2020 Board of Trustees of the University of Illinois |
| DBID | AAYXX CITATION |
| DOI | 10.1016/j.qref.2020.10.002 |
| DatabaseName | CrossRef |
| DatabaseTitle | CrossRef |
| DatabaseTitleList | |
| DeliveryMethod | fulltext_linktorsrc |
| Discipline | Economics Social Sciences (General) |
| EISSN | 1878-4259 |
| EndPage | 501 |
| ExternalDocumentID | 10_1016_j_qref_2020_10_002 S1062976920301198 |
| GroupedDBID | --- --K --M --Z -ET -~X .~1 0R~ 123 186 1B1 1OL 1RT 1~. 1~5 29P 3R3 4.4 457 4G. 5VS 6TJ 7-5 71M 85S 8P~ 8V8 9JO 9M8 AACTN AAEDT AAEDW AAFFL AAIAV AAIKJ AAKOC AALRI AAOAW AAPFB AAQFI AAQXK AAXUO AAYOK ABFRF ABFSI ABJNI ABMAC ABPPZ ABXDB ABYKQ ACDAQ ACGFO ACGFS ACNCT ACRLP ACROA ACTDY ADBBV ADEZE ADFHU ADIYS ADMHC ADMUD AEBSH AEFWE AEKER AEMOZ AEYQN AFFNX AFKWA AFODL AFTJW AGHFR AGHSJ AGTHC AGUBO AGYEJ AHHHB AIEXJ AIIAU AIKHN AITUG AJBFU AJOXV AJWLA AKVCP ALMA_UNASSIGNED_HOLDINGS AMFUW AMRAJ ASPBG AVWKF AXJTR AXLSJ AZFZN BAAKF BEHZQ BEZPJ BGSCR BKOJK BLXMC BNTGB BPUDD BULVW BZJEE CS3 DO4 DU5 EBE EBR EBS EBU ECR EFJIC EFLBG EHB EHE EJD EMH EMK EO8 EO9 EOH EP2 EP3 F5P FA8 FDB FEDTE FGOYB FIRID FNPLU FYGXN G-2 G-Q GBLVA HMB HVGLF HZ~ H~9 IAO IBB IEA IGG IHE IOF ITC IXIXF J1W K1G KOM LY5 M41 MO0 MVM N95 N9A NEJ NHB O-L O9- OAUVE OHT OZT P-8 P-9 P2P PC. PQQKQ Q38 R2- RIG ROL RPZ RXW SDF SDG SDP SEB SEE SES SEW SPCBC SSB SSF SSZ T5K TAE TH9 TN5 UHS ULY UNMZH VQA VQP WH7 WUQ XI7 XPP XSW YK3 YNT YZZ ZCG ZKB ~8M ~G- AAXKI AAYXX ADMHG AFJKZ AKRWK CITATION |
| ID | FETCH-LOGICAL-c284t-f194ddf1b203281b3c4faf939eab2fb62aceab43275c51fb65b2764a80999c813 |
| ISSN | 1062-9769 |
| IngestDate | Thu Nov 21 22:56:59 EST 2024 Fri Feb 23 02:41:22 EST 2024 |
| IsPeerReviewed | true |
| IsScholarly | true |
| Keywords | D84 forecast errors in surveys E31 deviations from full rationality E10 Inflation expectations in Brazil |
| Language | English |
| LinkModel | OpenURL |
| MergedId | FETCHMERGED-LOGICAL-c284t-f194ddf1b203281b3c4faf939eab2fb62aceab43275c51fb65b2764a80999c813 |
| ORCID | 0000-0002-3809-2890 |
| PageCount | 10 |
| ParticipantIDs | crossref_primary_10_1016_j_qref_2020_10_002 elsevier_sciencedirect_doi_10_1016_j_qref_2020_10_002 |
| PublicationCentury | 2000 |
| PublicationDate | May 2022 2022-05-00 |
| PublicationDateYYYYMMDD | 2022-05-01 |
| PublicationDate_xml | – month: 05 year: 2022 text: May 2022 |
| PublicationDecade | 2020 |
| PublicationTitle | The Quarterly review of economics and finance |
| PublicationYear | 2022 |
| Publisher | Elsevier Inc |
| Publisher_xml | – name: Elsevier Inc |
| References | Łyziak, Paloviita (bib0065) 2017; 46 Galí (bib0045) 2008 Buono, Formai (bib0020) 2018; 57 Mehrotra, Yetman (bib0080) 2018; 14 Areosa (bib0010) 2016 Kohlscheen (bib0060) 2012; 66 Berge (bib0015) 2018; 34 Mankiw, Reis (bib0070) 2002; 117 Araujo, Gaglianone (bib0005) 2010 Ribeiro, McCombie, Lima (bib0105) 2017; 40 Coibion, Gorodnichenko (bib0030) 2015; 105 Nordhaus (bib0095) 1987; 69 Mincer, Zarnowitz (bib0085) 1969 Grant, Thomas (bib0050) 1999; 62 Razmi (bib0100) 2007; 21 Castro, Gouvea, Minella, Santos, Souza-Sobrinho (bib0025) 2015; 35 Edwards (bib0040) 2003; 22 Correa, Picchetti (bib0035) 2016 Woodford (bib0110) 2003 Guillén (bib0055) 2008 Mankiw, Reis, Wolfers (bib0075) 2004; Vol. 18 Minella, De Freitas, Goldfajn, Muinhos (bib0090) 2003; 22 Łyziak (10.1016/j.qref.2020.10.002_bib0065) 2017; 46 Areosa (10.1016/j.qref.2020.10.002_bib0010) 2016 Grant (10.1016/j.qref.2020.10.002_bib0050) 1999; 62 Woodford (10.1016/j.qref.2020.10.002_bib0110) 2003 Buono (10.1016/j.qref.2020.10.002_bib0020) 2018; 57 Berge (10.1016/j.qref.2020.10.002_bib0015) 2018; 34 Araujo (10.1016/j.qref.2020.10.002_bib0005) 2010 Castro (10.1016/j.qref.2020.10.002_bib0025) 2015; 35 Mankiw (10.1016/j.qref.2020.10.002_bib0070) 2002; 117 Razmi (10.1016/j.qref.2020.10.002_bib0100) 2007; 21 Correa (10.1016/j.qref.2020.10.002_bib0035) 2016 Guillén (10.1016/j.qref.2020.10.002_bib0055) 2008 Mankiw (10.1016/j.qref.2020.10.002_bib0075) 2004; Vol. 18 Kohlscheen (10.1016/j.qref.2020.10.002_bib0060) 2012; 66 Ribeiro (10.1016/j.qref.2020.10.002_bib0105) 2017; 40 Coibion (10.1016/j.qref.2020.10.002_bib0030) 2015; 105 Mehrotra (10.1016/j.qref.2020.10.002_bib0080) 2018; 14 Minella (10.1016/j.qref.2020.10.002_bib0090) 2003; 22 Nordhaus (10.1016/j.qref.2020.10.002_bib0095) 1987; 69 Edwards (10.1016/j.qref.2020.10.002_bib0040) 2003; 22 Mincer (10.1016/j.qref.2020.10.002_bib0085) 1969 Galí (10.1016/j.qref.2020.10.002_bib0045) 2008 |
| References_xml | – start-page: 3 year: 1969 end-page: 46 ident: bib0085 article-title: The evaluation of economic forecasts publication-title: Economic forecasts and expectations: Analysis of forecasting behavior and performance contributor: fullname: Zarnowitz – volume: 40 start-page: 145 year: 2017 end-page: 167 ident: bib0105 article-title: Some unpleasant currency-devaluation arithmetic in a post Keynesian macromodel publication-title: Journal of Post Keynesian Economics contributor: fullname: Lima – year: 2016 ident: bib0010 article-title: What drives inflation expectations in Brazil? publication-title: Public versus private information contributor: fullname: Areosa – volume: 46 start-page: 52 year: 2017 end-page: 73 ident: bib0065 article-title: Anchoring of inflation expectations in the euro area: Recent evidence based on survey data publication-title: European Journal of Political Economy contributor: fullname: Paloviita – volume: 117 start-page: 1295 year: 2002 end-page: 1328 ident: bib0070 article-title: Sticky information versus sticky prices: A proposal to replace the new Keynesian Phillips curve publication-title: The Quarterly Journal of Economics contributor: fullname: Reis – volume: 14 start-page: 55 year: 2018 end-page: 101 ident: bib0080 article-title: Decaying expectations: What inflation forecasts tell us about the anchoring of inflation expectations publication-title: International Journal of Central Banking contributor: fullname: Yetman – start-page: 25 year: 2003 end-page: 58 ident: bib0110 article-title: Imperfect common knowledge and the effects of monetary policy publication-title: Knowledge, information, and expectations in modern macroeconomics: In honor of Edmund S. Phelp contributor: fullname: Woodford – start-page: 107 year: 2010 end-page: 114 ident: bib0005 article-title: Survey-based inflation expectations in Brazil publication-title: Monetary policy and the measurement of inflation: Prices, wages and expectations contributor: fullname: Gaglianone – volume: 35 start-page: 103 year: 2015 end-page: 170 ident: bib0025 article-title: SAMBA: Stochastic analytical model with a Bayesian approach publication-title: Brazilian Review of Econometrics contributor: fullname: Souza-Sobrinho – volume: 62 start-page: 331 year: 1999 end-page: 338 ident: bib0050 article-title: Inflationary expectations and rationality revisited publication-title: Economics Letters contributor: fullname: Thomas – volume: 22 start-page: 1015 year: 2003 end-page: 1040 ident: bib0090 article-title: Inflation targeting in Brazil: constructing credibility under exchange rate volatility publication-title: Journal of international Money and Finance contributor: fullname: Muinhos – volume: 105 start-page: 2644 year: 2015 end-page: 2678 ident: bib0030 article-title: information rigidity and the expectations formation process: A simple framework and new facts publication-title: American Economic Review contributor: fullname: Gorodnichenko – year: 2008 ident: bib0045 article-title: Monetary policy, inflation, and the business cycle: An introduction to the new Keynesian framework contributor: fullname: Galí – year: 2016 ident: bib0035 article-title: New information and updating of market experts’ inflation expectations contributor: fullname: Picchetti – volume: 21 start-page: 577 year: 2007 end-page: 602 ident: bib0100 article-title: The contractionary short-run effects of nominal devaluation in developing countries: Some neglected nuances publication-title: International Review of Applied Economics contributor: fullname: Razmi – year: 2008 ident: bib0055 article-title: Ensaios sobre a Formação de Expectativas de Inflação (Master’s thesis) contributor: fullname: Guillén – volume: 66 start-page: 289 year: 2012 end-page: 297 ident: bib0060 article-title: Uma Nota sobre Erros de Previsão da Inflação de Curto Prazo publication-title: Revista Brasileira de Economia contributor: fullname: Kohlscheen – volume: Vol. 18 start-page: 209 year: 2004 end-page: 270 ident: bib0075 article-title: Disagreement about inflation expectations publication-title: NBER macroeconomics annual 2003 contributor: fullname: Wolfers – volume: 34 start-page: 788 year: 2018 end-page: 801 ident: bib0015 article-title: Understanding survey-based inflation expectations publication-title: International Journal of Forecasting contributor: fullname: Berge – volume: 69 start-page: 667 year: 1987 end-page: 674 ident: bib0095 article-title: Forecasting efficiency: Concepts and applications publication-title: The Review of Economics and Statistics contributor: fullname: Nordhaus – volume: 22 start-page: 1095 year: 2003 end-page: 1106 ident: bib0040 article-title: Financial instability in Latin America publication-title: Journal of International Money and Finance contributor: fullname: Edwards – volume: 57 start-page: 39 year: 2018 end-page: 54 ident: bib0020 article-title: New evidence on the evolution of the anchoring of inflation expectations publication-title: Journal of Macroeconomics contributor: fullname: Formai – start-page: 107 year: 2010 ident: 10.1016/j.qref.2020.10.002_bib0005 article-title: Survey-based inflation expectations in Brazil contributor: fullname: Araujo – year: 2008 ident: 10.1016/j.qref.2020.10.002_bib0045 contributor: fullname: Galí – volume: 34 start-page: 788 year: 2018 ident: 10.1016/j.qref.2020.10.002_bib0015 article-title: Understanding survey-based inflation expectations publication-title: International Journal of Forecasting doi: 10.1016/j.ijforecast.2018.07.003 contributor: fullname: Berge – volume: 57 start-page: 39 year: 2018 ident: 10.1016/j.qref.2020.10.002_bib0020 article-title: New evidence on the evolution of the anchoring of inflation expectations publication-title: Journal of Macroeconomics doi: 10.1016/j.jmacro.2018.04.003 contributor: fullname: Buono – year: 2008 ident: 10.1016/j.qref.2020.10.002_bib0055 contributor: fullname: Guillén – start-page: 25 year: 2003 ident: 10.1016/j.qref.2020.10.002_bib0110 article-title: Imperfect common knowledge and the effects of monetary policy contributor: fullname: Woodford – volume: 105 start-page: 2644 year: 2015 ident: 10.1016/j.qref.2020.10.002_bib0030 article-title: information rigidity and the expectations formation process: A simple framework and new facts publication-title: American Economic Review doi: 10.1257/aer.20110306 contributor: fullname: Coibion – volume: 22 start-page: 1095 year: 2003 ident: 10.1016/j.qref.2020.10.002_bib0040 article-title: Financial instability in Latin America publication-title: Journal of International Money and Finance doi: 10.1016/j.jimonfin.2003.09.004 contributor: fullname: Edwards – volume: 35 start-page: 103 year: 2015 ident: 10.1016/j.qref.2020.10.002_bib0025 article-title: SAMBA: Stochastic analytical model with a Bayesian approach publication-title: Brazilian Review of Econometrics doi: 10.12660/bre.v35n22015.57573 contributor: fullname: Castro – volume: 62 start-page: 331 year: 1999 ident: 10.1016/j.qref.2020.10.002_bib0050 article-title: Inflationary expectations and rationality revisited publication-title: Economics Letters doi: 10.1016/S0165-1765(98)00244-4 contributor: fullname: Grant – volume: 21 start-page: 577 year: 2007 ident: 10.1016/j.qref.2020.10.002_bib0100 article-title: The contractionary short-run effects of nominal devaluation in developing countries: Some neglected nuances publication-title: International Review of Applied Economics doi: 10.1080/02692170701474611 contributor: fullname: Razmi – start-page: 3 year: 1969 ident: 10.1016/j.qref.2020.10.002_bib0085 article-title: The evaluation of economic forecasts contributor: fullname: Mincer – volume: 66 start-page: 289 year: 2012 ident: 10.1016/j.qref.2020.10.002_bib0060 article-title: Uma Nota sobre Erros de Previsão da Inflação de Curto Prazo publication-title: Revista Brasileira de Economia doi: 10.1590/S0034-71402012000300002 contributor: fullname: Kohlscheen – year: 2016 ident: 10.1016/j.qref.2020.10.002_bib0010 article-title: What drives inflation expectations in Brazil? contributor: fullname: Areosa – volume: 46 start-page: 52 year: 2017 ident: 10.1016/j.qref.2020.10.002_bib0065 article-title: Anchoring of inflation expectations in the euro area: Recent evidence based on survey data publication-title: European Journal of Political Economy doi: 10.1016/j.ejpoleco.2016.11.001 contributor: fullname: Łyziak – volume: 22 start-page: 1015 year: 2003 ident: 10.1016/j.qref.2020.10.002_bib0090 article-title: Inflation targeting in Brazil: constructing credibility under exchange rate volatility publication-title: Journal of international Money and Finance doi: 10.1016/j.jimonfin.2003.09.008 contributor: fullname: Minella – volume: 117 start-page: 1295 year: 2002 ident: 10.1016/j.qref.2020.10.002_bib0070 article-title: Sticky information versus sticky prices: A proposal to replace the new Keynesian Phillips curve publication-title: The Quarterly Journal of Economics doi: 10.1162/003355302320935034 contributor: fullname: Mankiw – volume: 14 start-page: 55 year: 2018 ident: 10.1016/j.qref.2020.10.002_bib0080 article-title: Decaying expectations: What inflation forecasts tell us about the anchoring of inflation expectations publication-title: International Journal of Central Banking contributor: fullname: Mehrotra – year: 2016 ident: 10.1016/j.qref.2020.10.002_bib0035 contributor: fullname: Correa – volume: 69 start-page: 667 year: 1987 ident: 10.1016/j.qref.2020.10.002_bib0095 article-title: Forecasting efficiency: Concepts and applications publication-title: The Review of Economics and Statistics doi: 10.2307/1935962 contributor: fullname: Nordhaus – volume: Vol. 18 start-page: 209 year: 2004 ident: 10.1016/j.qref.2020.10.002_bib0075 article-title: Disagreement about inflation expectations contributor: fullname: Mankiw – volume: 40 start-page: 145 year: 2017 ident: 10.1016/j.qref.2020.10.002_bib0105 article-title: Some unpleasant currency-devaluation arithmetic in a post Keynesian macromodel publication-title: Journal of Post Keynesian Economics doi: 10.1080/01603477.2016.1246949 contributor: fullname: Ribeiro |
| SSID | ssj0000344 |
| Score | 2.3189328 |
| Snippet | •We reject the hypothesis of full rationality of inflation expectations in Brazil.•Inflation forecast errors of survey respondents are biased and can be... |
| SourceID | crossref elsevier |
| SourceType | Aggregation Database Publisher |
| StartPage | 492 |
| SubjectTerms | deviations from full rationality forecast errors in surveys Inflation expectations in Brazil |
| Title | Deviating from full rationality but not from theoretical consistency: The behavior of inflation expectations in Brazil |
| URI | https://dx.doi.org/10.1016/j.qref.2020.10.002 |
| Volume | 84 |
| hasFullText | 1 |
| inHoldings | 1 |
| isFullTextHit | |
| isPrint | |
| link | http://sdu.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwtV1Li9RAEG5mdw96EV0Vxxd98KCELKTTeXlb3dFV1IM7wt5C-sXOoBOdZAT99VZ1dzrxgajgJYTKJGlS31RXFV9VEfJA8UKnJqviwigWc5WIWOSyiHleysKkIuN2FsHpWfHmvDxZ8MVsNkzFHGX_VdMgA11j5exfaDs8FARwDjqHI2gdjn-k9xPY6RrLZbaVI5hej7Y-44cet9j10abtQ11JKGOUSJXt0IX-MlAxhhp-11fCONqcHQog-5GE_mTbfPVEjfWIvcAWnVTHaF8F7fpCG9vsIwALq8caO_UoeqVXyMGNlAbHWq_6povetvIi7CCv9c5P4XbE8DbQilYf7AOer95bebRslN5NMxsQFAceoUu3DSU33zFCIYRlMfhQzs5qJyshFAbjU03Neskndpm7gXt-i8_cW37aPVwiY330CZyTI1gRijDjNu6VgcF4huvAZTAbU1blHjlgYOvA1B4cv1icvxzdgdROFA7r9pVbjmT445t-7R1NPJ7lVXLFhyr02GHsGpnpzSG5NFSyd4dk7mq7qd8fOvrQNzF_dJ18DjikiDSKOKQTHFLAIQUcuqsTHNIJDh9TQBIdUEhbQwMK6RSFIKYOhTfIu2eL5dPT2M_4iCU4Rn1skoorZRLBsLFjIlLJTWOqtNKNYEbkrJFwxlNWZDJLQJAJVuS8KTGykWWS3iT7m3ajbxGaJSoVOV4WglfwEPitznPDClVlXOdzEg3ftv7oWrnUA8dxXaMmatQEykATc5INn7_2zqhzMmtAy2_uu_2P990hl8f_wF2y3293-h7Z69TuvkfUN7A0spo |
| link.rule.ids | 315,782,786,27933,27934 |
| linkProvider | Elsevier |
| openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Deviating+from+full+rationality+but+not+from+theoretical+consistency%3A+The+behavior+of+inflation+expectations+in+Brazil&rft.jtitle=The+Quarterly+review+of+economics+and+finance&rft.au=Cambara%2C+Leilane+de+Freitas+Rocha&rft.au=Meurer%2C+Roberto&rft.au=Lima%2C+Gilberto+Tadeu&rft.date=2022-05-01&rft.pub=Elsevier+Inc&rft.issn=1062-9769&rft.eissn=1878-4259&rft.volume=84&rft.spage=492&rft.epage=501&rft_id=info:doi/10.1016%2Fj.qref.2020.10.002&rft.externalDocID=S1062976920301198 |
| thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=1062-9769&client=summon |
| thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=1062-9769&client=summon |
| thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=1062-9769&client=summon |