NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand

Saten Kumar, Hassan Afrouzi, Olivier Coibion, Yuriy Gorodnichenko

NBER Working Paper No. 21814
Issued in December 2015

---- Acknowledgments ----

We are grateful to Graham Howard, Rochelle Barrow and Katrina Young for sharing data from the survey of households in New Zealand. We thank Alan Blinder, David Romer, Lars Svensson, and Justin Wolfers for comments on an earlier version of the paper. Gorodnichenko thanks the NSF for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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