أعرض تسجيلة المادة بشكل مبسط

dc.creator Curto Millet, Fabien
dc.date 2007
dc.date.accessioned 2013-10-16T06:57:04Z
dc.date.available 2013-10-16T06:57:04Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17855
dc.identifier ppn:534875238
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17855
dc.description Conjectures about inflation expectations are inextricably linked to our understanding of the relationship between the real and monetary sides of the economy; yet, direct empirical research on the matter has been scarce at best. This paper therefore examines the empirical properties of inflation expectations data constructed on the basis of both qualitative and quantitative surveys of consumers for a set of eight European countries. The rational perceptions hypothesis is tested and rejected by the data, a finding which in turn leads us to reject the rational expectations hypothesis and casts doubt on the New Keynesian Phillips Curve model. The popular alternative of using ?rule-of-thumb? expectations in such models empirically is also found to be unrobust. Similarly, the conjecture by Akerlof et al. (2000) of a non-vertical long-run Phillips curve arising from the presence of ?near-rational? expectations cannot be supported. The Mankiw and Reis (2002) Phillips curve based on the idea of ?sticky information? succeeds in its intuition of a gradual adjustment of expectations, but its assumption of rational updating is challenged by the data in the context of the natural experiment provided by the UK's ERM disinflation. Instead, the adjustment mechanism for expectations appears to display largely adaptive characteristics. Finally, the paper provides some insights into the nature of the interaction between monetary policy and inflation expectations.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1339
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject D84
dc.subject C22
dc.subject E65
dc.subject C42
dc.subject E52
dc.subject E31
dc.subject E61
dc.subject E58
dc.subject ddc:330
dc.subject Inflation expectations
dc.subject inflation perceptions
dc.subject survey data
dc.subject rationality
dc.subject Phillips curve
dc.subject consumers
dc.subject expectations distribution
dc.subject Inflationserwartung
dc.subject Phillips-Kurve
dc.subject Geldpolitik
dc.subject Rationales Verhalten
dc.subject New-Keynesian Phillips Curve
dc.subject Schätzung
dc.subject Europa
dc.title Inflation Expectations, the Phillips Curve and Monetary Policy
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط