However we obtain a low statistical significance for the coefficients of
the inflation deviation form its target, although they exhibit expected signs
in most cases. Our results differ from previous studies for other countries14
that report positive coefficients for the inflation deviation--as we obtain in
most cases--that are also statistically significant. Other than our inclusion of
the interaction term, the main difference between the preceding studies on
Chile and ours lies in the estimation period. The preceding studies generally
start in 1986 and end in 1999.