Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/173462 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
External MPC Unit Discussion Paper No. 48
Verlag: 
Bank of England, External Monetary Policy Committee Unit, London
Zusammenfassung: 
In many forward-looking macroeconomic models, such as the New Keynesian model, firms' expectations about the future play a key role in determining outcomes today. We examine this hypothesis using a novel panel dataset on firms actual and expected price changes collected by the Confederation of British Industry. Our microeconometric approach overcomes the identification issues faced by previous empirical studies. The results suggest that firms' expectations play a key role in their price-setting behaviour, with a coefficient on firm's expectations consistent with the discount factor typically assumed in macroeconomic models.
Schlagwörter: 
Pricing-setting
survey data
inflation expectations
New Keynesian Phillips Curve
JEL: 
C23
C26
E31
Dokumentart: 
Working Paper

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