Carroll, Chris (contributor) - 2001 - [Elektronische Ressource]
while η
t
is the permanent
innovation in the fundamental inflation rate in period t. We further assume that
consumers believe … how next quarter’s fundamental rate
may differ from the current quarter’s rate, because we did not impose that consumers … consumer’s expectations operator):
N
t
[π
t,t+4
]=4N
t
[π
f
t+1
] (16)
= N
t
[π
f
t,t+1
] (17)
8
Thus, the newspaper forecast …