The aim of this paper is twofold. Firstly, we test the rationality of survey-based and market-based inflation expectations. Secondly, we investigate whether they indicate a different performance of the central bank in anchoring inflation expectations. Briefly, this paper verifies if inflation expectations' proxies display the same features regarding rationality and anchoring. Using data from the Brazilian market, we present robust evidence that both survey-based and market-based inflation expectations have useful content to explain realized inflation. Moreover, we find that these proxies of inflation expectations provide different assessments of the central bank's ability to anchor inflation expectations. The findings point out that central banks must monitor both survey-based and market-based inflation expectations to improve their monetary policy conduct.

中文翻译：

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通胀预期的合理性和锚定：基于调查和基于市场的措施的评估

本文的目的是双重的。首先，我们检验基于调查和基于市场的通胀预期的合理性。其次，我们调查它们是否表明央行在锚定通胀预期方面的表现不同。简而言之，本文验证了通胀预期的代理是否在理性和锚定方面表现出相同的特征。使用来自巴西市场的数据，我们提供了强有力的证据，表明基于调查和基于市场的通胀预期都具有解释实际通胀的有用内容。此外，我们发现这些通胀预期指标对央行锚定通胀预期的能力提供了不同的评估。