the standard difference equation (DE) form, current inflation is a function of past inflation, expected future inflation …, and real marginal costs. The alternative closed form (CF) specification explicitly solves the DE form to express inflation … as a function of past inflation and a present-discounted value of current and expected future marginal costs. The CF …

inflation model, when used to explain inflation persistence. Indeed, virtually all inflationary dynamics end up being captured … model (i.e. lagged inflation) and that the SPI model overemphasizes inflationary persistence. Thus, there appears to be room … inflation persistence. -- Empirical distribution ; model selection ; sticky information ; sticky price …

-form (CF) estimates require by construction that expectations of inflation be model-consistent at all points in time, while the … inflation is insufficient to explain inflation persistence. -- closed form ; model-consistent expectations ; New Keynesian … Phillips curve ; forward-looking Euler equation ; time-varying trend inflation …

.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 inflation use real activity information, and shifts in the key … determinants of the reduced-form triangle modelʺ of inflation. We develop a structural model-based interpretation of observed …

improvement in performance is driven mostly by lagged inflation and that the SPI model overemphasizes inflationary persistence …. There appears to be room for improvement in all models in order to induce them to better "track" inflation persistence …

-looking Euler equation ; time-varying trend inflation …

.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 inflation use real activity information, and shifts in the key … determinants of the reduced-form 'triangle model' of inflation. We develop a structural model-based interpretation of observed …