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来源类型Working Paper
规范类型报告
DOI10.3386/w8690
来源IDWorking Paper 8690
A Note on Inflation Persistence
Steinar Holden; John C. Driscoll
发表日期2001-12-20
出版年2001
语种英语
摘要Macroeconomists have for some time been aware that the New Keynesian Phillips curve, though highly popular in the literature, cannot explain the persistence observed in actual inflation. We argue that two of the more prominent alternative formulations, the Fuhrer and Moore (1995) relative contracting model and the Blanchard and Katz (1999) reservation wage conjecture, are highly problematic. Fuhrer and Moore (1995)'s formulation generates inflation persistence, but this is a consequence of their assuming that workers care about the past real wages of other workers. Making the more reasonable assumption that workers care about the current real wages of other workers, one obtains the standard formulation with no inflation persistence. The Blanchard and Katz conjecture turns out to imply that inflation depends negatively on itself lagged, i.e. the opposite of the empirical regularity.
主题Macroeconomics ; Business Cycles
URLhttps://www.nber.org/papers/w8690
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/566297
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Steinar Holden,John C. Driscoll. A Note on Inflation Persistence. 2001.
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