Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/17855 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorCurto Millet, Fabienen
dc.date.accessioned2009-01-28T14:59:56Z-
dc.date.available2009-01-28T14:59:56Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/17855-
dc.description.abstractConjectures 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.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1339en
dc.subject.jelD84en
dc.subject.jelC22en
dc.subject.jelE65en
dc.subject.jelC42en
dc.subject.jelE52en
dc.subject.jelE31en
dc.subject.jelE61en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordInflation expectationsen
dc.subject.keywordinflation perceptionsen
dc.subject.keywordsurvey dataen
dc.subject.keywordrationalityen
dc.subject.keywordPhillips curveen
dc.subject.keywordconsumersen
dc.subject.keywordexpectations distributionen
dc.subject.stwInflationserwartungen
dc.subject.stwPhillips-Kurveen
dc.subject.stwGeldpolitiken
dc.subject.stwRationales Verhaltenen
dc.subject.stwNew-Keynesian Phillips Curveen
dc.subject.stwSchätzungen
dc.subject.stwEuropaen
dc.titleInflation Expectations, the Phillips Curve and Monetary Policy-
dc.typeWorking Paperen
dc.identifier.ppn534875238en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1339en

Datei(en):
Datei
Größe
367.99 kB





Publikationen in EconStor sind urheberrechtlich geschützt.