“…However, the results are highly sensitive to the estimation methods and proxies adopted, especially regarding the indicators of inflation expectations. The main works use inflation forecasts extracted from the Focus survey, for the mean, median or first day of the month, or forecasts obtained from time series models (Mendonça, Sachsida, & Medrano, 2012;Sachsida, 2013;Arruda, Oliveira, & Castelar, 2017).…”