| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4018 |
| 来源ID | Working Paper 4018 |
| Inflation Expectations and the Structural Shift in Aggregate Labor-Cost Determination in the 1980s | |
| David Neumark; Jonathan S. Leonard | |
| 发表日期 | 1992-03-01 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | Aggregate labor cost equations tended to overpredict labor-cost inflation in the United States in the 1980s. We consider the hypothesis that a change in the price-inflation-expectations mechanism can explain this apparent structural shift in the 1980s. We examine whether the sharp recession of the early 1980s and continued tight monetary policy throughout the decade may have led to changes in the relationship between past price inflation and expected price inflation such that distributed lags of price inflation persistently overestimated expected price inflation, and hence led to overprediction of labor-cost inflation by standard Phillips curves in this period. The evidence leads us to reject this hypothesis, and to conclude instead that there was a true structural shift in labor cost determination. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w4018 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561360 |
| 推荐引用方式 GB/T 7714 | David Neumark,Jonathan S. Leonard. Inflation Expectations and the Structural Shift in Aggregate Labor-Cost Determination in the 1980s. 1992. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4018.pdf（432KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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