| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8690 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w8690 |
| 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/566297 |
| 推荐引用方式 GB/T 7714 | Steinar Holden,John C. Driscoll. A Note on Inflation Persistence. 2001. |
| 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 | ||
| w8690.pdf（176KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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