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

页码：1161 / 1172

页数：12

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