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Using the panel component of the Michigan Survey of Consumers, we show that individuals, in particular women and ethnic minorities, are highly heterogeneous in their expectations of inflation. We estimate a model of inflation expectations based on learning from experience that also allows for...
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Several articles published in the 1990s have identified empirical relationships between the term structure of real and nominal interest rates, on one hand, and future real output and inflation, on the other. Among these are Mishkin (1990a), Estrella and Hardouvelis (1991), Bernanke and Blinder...
Persistent link: https://www.econbiz.de/10005387289
This paper revisits inflation forecasting using reduced-form Phillips curve forecasts, that is, inflation forecasts … evidence of autonomous variance breaks and inflation gap persistence. Through a real-time out-of-sample forecasting exercise … quarterly inflation relative to an extended range of forecasting models that are typically used in the literature. …
Persistent link: https://www.econbiz.de/10005078430