Inflation Dynamics: The Role of Expectations

被引：37
|
作者：
Nunes, Ricardo [1 ]
机构：
[1] Fed Reserve Board, Washington, DC USA
来源：
JOURNAL OF MONEY CREDIT AND BANKING | 2010年 / 42卷 / 06期
关键词：
inflation; survey expectations; Phillips curve; KEYNESIAN PHILLIPS-CURVE; MONETARY-POLICY; ECONOMIST FORECASTS; STICKY INFORMATION; ASSET MARKETS; UNITED-STATES; GMM; PRICES; VOLATILITY; HOUSEHOLD;
D O I：
10.1111/j.1538-4616.2010.00324.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper estimates the Phillips curve allowing for a simultaneous role of rational and survey expectations. We consider both a reduced form and a structural specification of the Phillips curve. The results suggest that survey expectations can be a statistically significant component of firms' expectations and inflation dynamics. However, rational expectations continue to play a dominant role.
引用
收藏
页码：1161 / 1172
页数：12
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