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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

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Keywords: Expectations Inflation Macro model;

References

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1. Jordi Gali & Mark Gertler, 2000. "Inflation Dynamics: A Structural Econometric Analysis," NBER Working Papers 7551, National Bureau of Economic Research, Inc.
   
   • Gali, Jordi & Gertler, Mark, 1999. "Inflation dynamics: A structural econometric analysis," Journal of Monetary Economics, Elsevier, vol. 44(2), pages 195-222, October.
   • Jordi Galí & Mark Gertler, 1998. "Inflation dynamics: A structural econometric analysis," Economics Working Papers 341, Department of Economics and Business, Universitat Pompeu Fabra.
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.
   
   • Klaus Adam & Mario Padula, 2011. "Inflation Dynamics And Subjective Expectations In The United States," Economic Inquiry, Western Economic Association International, vol. 49(1), pages 13-25, 01.
   • Klaus Adam & Mario Padula, 2003. "Inflation dynamics and subjective expectations in the United States," Working Paper Series 222, European Central Bank.
3. Chengsi Zhang & Denise R. Osborn & Dong Heon Kim, 2006. "Observed Inflation Forecasts and the New Keynesian Phillips Curve," The School of Economics Discussion Paper Series 0632, Economics, The University of Manchester.
   
   • Chengsi Zhang & Denise R. Osborn & Dong Heon Kim, 2009. "Observed Inflation Forecasts and the New Keynesian Phillips Curve," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 71(3), pages 375-398, 06.
   • 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.
   • Chengsi Zhang & Denise R. Osborn & Dong Heon Kim, 2006. "Observed Inflation Forecasts and the New Keynesian Phillips Curve," Centre for Growth and Business Cycle Research Discussion Paper Series 79, Economics, The Univeristy of Manchester.
4. Livio Stracca, 2010. "Is the new keynesian IS curve structural?," Working Paper Series 1236, European Central Bank.

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Cited by:

1. 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.

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