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Observed inflation forecasts and the new Keynesian macro model

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Author Info

  • Kortelainen, Mika
  • Paloviita, Maritta
  • Viren, Matti

Abstract

This paper compares the GMM and measured expectations in estimating the conventional New Keynesian macro model for the Euro area and the United States. The use of measured expectations strongly reduces the importance of lagged output and inflation terms.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176511001169
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 112 (2011)
Issue (Month): 1 (July)
Pages: 88-90

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Handle: RePEc:eee:ecolet:v:112:y:2011:i:1:p:88-90

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Expectations Inflation Macro model;

References

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  1. Chengsi Zhang & Denise R. Osborn & Dong Heon Kim, 2008. "Observed Inflation Forecasts and the New Keynesian Phillips Curve," Discussion Paper Series 0801, Institute of Economic Research, Korea University.
  2. Klaus Adam & Mario Padula, 2002. "Inflation Dynamics and Subjective Expectations in the United States," CSEF Working Papers 78, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 02 Jun 2009.
  3. Jordi Gali & Mark Gertler, 2000. "Inflation Dynamics: A Structural Econometric Analysis," NBER Working Papers 7551, National Bureau of Economic Research, Inc.
  4. Stracca, Livio, 2010. "Is the New Keynesian IS curve structural?," Working Paper Series 1236, European Central Bank.
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Citations

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Cited by:
  1. Maritta Paloviita and Matti Viren, 2012. "Analyzing the relationships between survey forecasts for different variables and countries," Discussion Papers 76, Aboa Centre for Economics.
  2. Maritta Paloviita & Matti Viren, 2014. "Inflation and output growth uncertainty in individual survey expectations," Empirica, Springer, vol. 41(1), pages 69-81, February.
  3. Oinonen, Sami & Paloviita, Maritta & Vilmi , Lauri, 2013. "How have inflation dynamics changed over time? Evidence from the euro area and USA," Research Discussion Papers 6/2013, Bank of Finland.
  4. Maritta Paloviita and Matti Viren, 2012. "Are individual survey expectations internally consistent?," Discussion Papers 77, Aboa Centre for Economics.
  5. Paloviita, Maritta & Viren, Matti, 2012. "Inflation and output growth uncertainty in individual survey expectations," Research Discussion Papers 37/2012, Bank of Finland.

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