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Persistent link: https://www.econbiz.de/10001124468
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/10003842109
Persistent link: https://www.econbiz.de/10001178376
Persistent link: https://www.econbiz.de/10001178742
Persistent link: https://www.econbiz.de/10000943992
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
This paper compares different methods for estimating forward-looking output and inflation Euler equations and shows that weak identification can be an issue in conventional GMM estimation. The authors propose a GMM procedure that imposes the dynamic constraints implied by the forward-looking...
Persistent link: https://www.econbiz.de/10014069609
This paper presents new, computationally efficient algorithms for solution and estimation of nonlinear dynamic rational expectations models. The innovations in the algorithms are as follows: (1) The entire solution path is obtained simultaneously by taking a small number of Newton steps, using...
Persistent link: https://www.econbiz.de/10014076740