Observed inflation forecasts and the new Keynesian macro model
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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- Chengsi Zhang & Denise R. Osborn & Dong Heon Kim, 2009.
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- 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.
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