The forecast performance of alternative models of inflation
It is inappropriate to ignore the behavior of money in explaining the generation and evolution of aggregate inflation over time. It is shown that over the period 1977 to 1987 an inflation model based on M2 demand describes more accurately the actual behavior of inflation than an expectations-augmented version of the Phillips curve.
Volume (Year): (1988)
Issue (Month): Sep ()
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- Hetzel, Robert L, 1984. "Estimating Money Demand Functions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 16(2), pages 185-93, May.
- Fama, Eugene F., 1983. "Financial intermediation and price level control," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 7-28.
- Rasche, Robert H., 1987. "M1 -- Velocity and money-demand functions: Do stable relationships exist?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 27(1), pages 9-88, January.
- Reichenstein, William & Elliott, J. Walter, 1987. "A comparison of models of long-term inflationary expectations," Journal of Monetary Economics, Elsevier, vol. 19(3), pages 405-425, May.
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