全球智库信息集成服务系统(G2TT): The Rise, Fall and Stabilization of U.S. Inflation: Shifting Regimes and Evolving Reputation

G2TT

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.