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Persistent link: https://www.econbiz.de/10009574669
This paper discusses the likely evolution of U.S. inflation in the near and medium term on the basis of (1) past U.S. experience with very low levels of inflation, (2) the most recent Japanese experience with deflation, and (3) recent U.S. micro evidence on downward nominal wage rigidity. Our...
Persistent link: https://www.econbiz.de/10009500929
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This paper provides an array of empirical evidence bearing on potentially important changes in the dynamics of U.S. inflation. We examine the overall performance of Phillips curves relative to some well-known benchmarks, the efficiency with which the Federal Reserve's Greenbook forecasts of...
Persistent link: https://www.econbiz.de/10013158194
A growing body of literature examines alternatives to the rational expectations hypothesis in applied macroeconomics. This paper continues this strand of research by examining the role survey expectations play in the inflation process and reports three principal findings. One, short-run...
Persistent link: https://www.econbiz.de/10009374709
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In their 2010 comment (which we refer to as CS10), Cogley and Sbordone argue that: (1) our estimates are not entirely closed form, and hence are arbitrary; (2) we cannot guarantee that our estimates are valid, while their estimates (Cogley and Sbordone 2008, henceforth CS08) always are; and (3)...
Persistent link: https://www.econbiz.de/10009153334
In their 2010 comment (which we refer to as CS10), Cogley and Sbordone argue that: (i ) our estimates are not entirely closed form, and hence are arbitrary; (ii ) we cannot guarantee that our estimates are valid, while their estimates (Cogley and Sbordone 2008, henceforth CS08) always are; and...
Persistent link: https://www.econbiz.de/10013123632