Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/249012 
Year of Publication: 
2021
Series/Report no.: 
CESifo Working Paper No. 9467
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We study the effects of professionals’ survey-based inflation expectations on inflation for a large number of 36 OECD economies, using dynamic cross-country panel estimation of New-Keynesian Phillips curves. We find that inflation expectations have a significantly positive effect on inflation. We also find that the effect of inflation expectations on inflation is larger when inflation is higher. This suggests that second-round effects via the effects of higher inflation expectations on inflation are more relevant in a high-inflation environment.
Subjects: 
inflation
inflation expectations
Phillips curve
JEL: 
E52
E58
Document Type: 
Working Paper
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