أعرض تسجيلة المادة بشكل مبسط

dc.creator Weber, Anke
dc.date 2007
dc.date.accessioned 2013-10-16T07:06:18Z
dc.date.available 2013-10-16T07:06:18Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19693
dc.identifier ppn:543472035
dc.identifier RePEc:zbw:bubdp1:6137
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19693
dc.description This paper is the first attempt to investigate the performance of different learning rules in fitting survey data of household and expert inflation expectations in five core European economies (France, Germany, Italy, Netherlands and Spain). Overall it is found that constant gain learning performs well in out-of-sample forecasting. It is also shown that households in high inflation countries are using higher best fitting constant gain parameters than those in low inflation countries. They are hence able to pick up structural changes faster. Professional forecasters update their information sets more frequently than households. Furthermore, household expectations in the Euro Area have not converged to the inflation goal of the ECB, which is to keep inflation below to but close to 2% in the medium run. This contrasts the findings for professional experts, which seem to be more inclined to incorporate the implications of monetary union for the convergence in inflation rates into their expectations.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2007,16
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject D84
dc.subject E37
dc.subject E31
dc.subject ddc:330
dc.subject Monetary policy
dc.subject heterogeneous expectations
dc.subject adaptive learning
dc.subject survey expectations
dc.subject Inflationserwartung
dc.subject Erwartungstheorie
dc.subject Lernprozess
dc.subject Inflation Targeting
dc.subject Inflationsrate
dc.subject Inflationskonvergenz
dc.subject Informationsverhalten
dc.subject Schätzung
dc.subject EU-Staaten
dc.subject Deutschland
dc.subject Spanien
dc.subject Frankreich
dc.subject Italien
dc.subject Niederlande
dc.title Heterogeneous expectations, learning and European inflation dynamics
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط