Stochastic Refinement of The Pecorino's Optimal Inflation-Rate Model
AbstractIn this short paper with title "Stochastic Refinement of the Pecorino's Optimal Inflation-Rate model", we extend the model of Pecorino to include stochastic effects. The basic result is that under natural conditions the optimality of the model's inflation rate, remains, even if we refine it to a stochastic model. The stochastic refinement has in addition a three-fold effect: a) It makes the model mathematically more sophisticated and advanced b) It gives to it statistical and econometric foundation; it is therefore related directly to empirical measurements c) Many different cases can be considered to follow the model (up to a probability of an error) that in the previous deterministic formulation should be excluded.
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Bibliographic InfoArticle provided by European Research Studies Journal in its journal European Research Studies Journal.
Volume (Year): I (1998)
Issue (Month): 4 (October - December)
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Web page: http://www.ersj.eu/
Find related papers by JEL classification:
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
- C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
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