References G.A. Akerlof , G. Perry, and W.T. Dickens, Options for Stabilization Policy: A New Analysis of Choices Confronting FED, Brookings Policy Brief, No: 69, (2001). Y. Barlas-ozer, and D. Mutluer, Inflation Expectations In Turkey: Statistical Evidence from the Business Tendency Survey, Central Bank Review, 5(2) (2005), 73-97. A.S. Bevilaqua, M. Mesquita, and A. Minella, Brazil: taming inflation expectations, Central Bank of Brazil, Research Department, Working Papers Series No: 129, (2007). M.F. Bryan and G. Venkatu, The demographics of inflation opinion surveys, Economic Commentary, Federal Reserve Bank of Cleveland, October, (2001a). M.F. Bryan, and G. Venkatu, The curiously different inflation perspectives of men and women, Economic Commentary, Federal Reserve Bank of Cleveland, November, (2001b). B.Y. Brown, and S. Maital, What do economists know? An empirical study of experts’ expectations, Econometrica, 49(2) (1981), pp. 491-504. J. Caskey, Modeling the formation of price expectations: A Bayesian approach, American Economic Review, 75(4) (1985), pp. 768–776. E. Castelnuovo, S. Nicoletti-Altimari and F. Palenzuela, Definition of Price Stability, Range and Point Inflation Targets: the Anchoring of Long-Term Inflation Expectations, in Issing, O., ed., Background Studies for the ECB's Evaluation of its Monetary Policy Strategy. Frankfurt-am Main, Germany: European Central Bank, (2003). O. Celasun, R.G. Gelos and A. Pratti, Obstacles to Disinflation: What is the Role of Fiscal Expectations? Economic Policy, 19 (40) (2004), pages 441-481. M. Crisola, and G.G. Gelos, What Drives Inflation Expectations in Brazil?: An Empirical Analysis, IMF Working Paper No. 05/109, (2005). A. Davies, and K. Lahiri, A new framework for analyzing survey forecasts using three-dimensional panel data, Journal of Econometrics, 68 (1995), 205–227. S. Figlewski and P. Wachtel, The Formation of Inflationary Expectations, Review of Economics and Statistics, 83 (1) (1981). B. Friedman, Survey evidence on the rationality of interest rate expectations, Journal of Monetary Economics, 6 (1980), pp. 453–465. E.M. Gramlich, Models of Inflation Expectations Formation: A Comparison of Household and Economist Forecasts, Journal of Money, Credit and Banking, 15 (2) (1983), pp. 155-73. D.R. Johnson , Expected inflation in Canada 1988–1995: an evaluation of Bank of Canada credibility and the effect of inflation targets, Canadian Public Policy, 23 (1997), 223–258. D.R. Johnson , The effect of inflation targeting on the behavior of expected inflation: Evidence from an 11 country panel, Journal of Monetary Economics, 49 (2002), 1521–1538. D.R. Johnson , The Effect of Inflation Targets on the Level of Expected Inflation in Five Countries, Review of Economics and Statistics, 85(4) (2003), pp.1076-1081. I.B. Kanli, Asymmetric impacts of global risk appetite on the risk premium for an emerging market, Physica A, (2008). H. Kara, H. Kucuk-Tuger, Inflation expectations in Turkey: learning to be rational, Applied Economics, Taylor and Francis Journals, vol. 42(21) (2010), 2725-2742. H. Kara, H. Kucuk-Tuger, U. Ozlale, B. Tuger, B. and E.M. Yucel, Exchange Rate Regimes and Passthrough: Evidence from the Turkish Economy, Contemporary Economic Policy 25 (2) (2007), pp.206-225. H. Kara and F. Ogunc, Inflation Targeting and Exchange Rate Pass-through: The Turkish Experience, Emerging Markets Finance and Trade 44 (6) (2008), 52-66. H. Kara, F. Ogunc, U. Ozlale and C. Sarikaya, Estimating the output gap in a changing economy, Southern Economic Journal 74 (1) (2007), pp. 269-289. E. Karadas, and F. Ogunc, An analysis of private manufacturing industry’s inflation expectations, Central Bank Review, 3(2) (2003), pp. 57-83. J.M. Keynes, The General Theory of Employment, Interest and Money. London: Macmillan (1936). M.P. Keane, and D.E. Runkle, Testing the rationality of price forecasts: new evidence from panel data, American Economic Review, 80 (1990), 714-735. D.L. Kohn, Comment on Goodfriend: Inflation Targeting in the United States? in Woodford M., and Bernanke, B. eds., Inflation Targeting, Boston, NBER, (2003). K. Lee, Formation of Price and Cost Inflation Expectations in British Manufacturing: A Multisectoral Analysis, Economic Journal, 104 (1994), 372-385. A. Levin, F. Natalucci, and J. Piger, The Macroeconomic Effects of Inflation Targeting, Federal Reserve Bank of St. Louis, Review, vol. 86 (2004), 51-80. F.S. Mishkin, Inflation Dynamics, National Bureau of Economic Research Working Paper, No: 13147 (2007). A. Minella, P.S. de Freitas, I. Goldfajn, and M.K. Muinhos, Inflation Targeting in Brazil: Constructing Credibility Under Exchange Rate Volatility, Journal of International Money and Finance, 22 (2003), pp. 1015–40. J. Pesando, A note on the rationality of the Livingston price expectations, Journal of Political Economy, 83(4) (1975), 849–858. H. Pesaran, Formation of inflation expectations in British manufacturing industries, Economic Journal, 95 (1985), pp. 948-975. H. Pesaran, and M. Weale, Survey Expectations, Cesifo Working Papers, 1599, (2005).