component explains much less of the variation in sectoral regional inflation rates and exhibits much less volatility than … and Sectoral Inflation ; Common Factor Models …

determination of the central bank to leave unchanged its long-term inflation objective in the face of inflationary shocks. The … magnitude of private sector learning has been calibrated to match the volatility of US inflation expectations at long horizons …. Given such illustrative calibrations, we find that the costs of maintaining a given inflation volatility under weak …

inflation, interest rate and stock returns. It employs the Vector Auto Regressive (VAR) approach method of Lee (1992) to analyze …

The paper integrates the two-pillar Phillips curve, which explains expected inflation by the money growth trend, within … distinguished from which one derives inflation expectations from money growth trend figures whereas the other builds rational … expectations by way of learning. The inspection of output and inflation variances show that a policy of reacting to excess money …

inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after …

inflation and the distribution of relative commodity prices. I estimate a restricted VAR that includes aggregate variables and … for each forecast horizon. The findings indicate that both shocks lead to positive correlation between inflation and the …

inflation and the distribution of relative commodity prices. I estimate a restricted VAR that includes aggregate variables and … for each forecast horizon. The findings indicate that both shocks lead to positive correlation between inflation and the …