This paper discusses four potential sources of lag dynamics in inflation: non-rational behavior, staggered contracting …, frictions on price adjustment, and shifts in the long-run inflation anchor of agent expectations (the perceived inflation target …). Expressions for inflation dynamics from structural models which admit these different sources of lag dynamics are contrasted …

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in … moments of inflation. Under baseline calibrations, the two models perform similarly in almost all countries. Under estimated … unconditional moments of inflation dynamics better while sticky information is more successful in matching co-movement of inflation …

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in … moments of inflation. Under baseline calibrations, the two models perform similarly in almost all countries. Under estimated … unconditional moments of inflation dynamics better while sticky information is more successful in matching co-movement of inflation …

’ inflation expectations to their own lagged forecasts as well as proxies for the rational expectation forecasts. The model builds … in inflation expectations extensively documented in the literature. We estimate the model using data from two important … Survey of Consumer Expectations. We find that inflation expectations appear to correlate more strongly to measures of …

, examines some hypotheses that might explain the poor quality of recent inflation forecasts based on the conventional Phillips … curve. Among the various explanations we consider for the persistent underestimation of inflation, the one that emerges most … clearly from our findings is that the process by which inflation expectations are formed has changed in recent years. Shifts …

This study examines the impact of productivity growth on the relationship between inflation and unemployment in Canada …

This paper analyses the post-pandemic inflation dynamics in Canada using a behavioral macroeconomic model of the Bank …-pandemic inflation can be explained by these simple heuristics and traced back to the lifting of economic restrictions in mid-2020 …, triggering demand-pull inflation. This result suggests that the cost-push inflation in 2021 and beyond actually originated from a …

This paper re-examines the findings of Alogoskoufis and Smith (1991), who argue that sharp increases in inflation … United States, Canada and Sweden, we suggest that these authors' emphasis on a post-1967 shift in inflation persistence is … misplaced and that there are other equally good candidates to account for changes in inflation persistence such as wars, oil …

This paper re-examines the findings of Alogoskoufis and Smith (1991), who argue that sharp increases in inflation … United States, Canada and Sweden, we suggest that these authors' emphasis on a post-1967 shift in inflation persistence is … misplaced and that there are other equally good candidates to account for changes in inflation persistence such as wars, oil …

The purpose of this study is to test the hypothesis that inflation uncertainty increases at higher levels of inflation … allow the conditional variance of the error term to be time-varying. Since this variance is a proxy for inflation … uncertainty, a positive relationship between the conditional variance and inflation would be interpreted as evidence that …