Observed inflation forecasts and the new Keynesian macro model
AbstractThis 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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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 112 (2011)
Issue (Month): 1 (July)
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Web page: http://www.elsevier.com/locate/ecolet
Expectations Inflation Macro model;
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