Gateway to Think Tanks
来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w29585 |
来源ID | Working Paper 29585 |
The Rise, Fall and Stabilization of U.S. Inflation: Shifting Regimes and Evolving Reputation | |
Robert G. King; Yang K. Lu | |
发表日期 | 2021-12-20 |
出版年 | 2021 |
语种 | 英语 |
摘要 | The rise, fall, and stabilization of US inflation between 1969 and 2005 is consistent with a model of shifting policy regimes that features a forward-looking New Keynesian Phillips curve, policymakers that can or cannot commit, and private sector learning about policymaker type. Using model-implied inflation forecasting rules to extract state variables from the inflation forecasts in the Survey of Professional Forecasters, we provide evidence that policy regimes without commitment prevailed before 1980 and regimes with commitment prevailed afterward. With theory and quantification, we find that evolution of reputational capital is central to understanding the behavior of inflation. |
主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Monetary Policy |
URL | https://www.nber.org/papers/w29585 |
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/587259 |
推荐引用方式 GB/T 7714 | Robert G. King,Yang K. Lu. The Rise, Fall and Stabilization of U.S. Inflation: Shifting Regimes and Evolving Reputation. 2021. |
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 | ||
w29585.pdf(1314KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Robert G. King]的文章 |
[Yang K. Lu]的文章 |
百度学术 |
百度学术中相似的文章 |
[Robert G. King]的文章 |
[Yang K. Lu]的文章 |
必应学术 |
必应学术中相似的文章 |
[Robert G. King]的文章 |
[Yang K. Lu]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。