Modeling Inflation Dynamics: A Critical Review of Recent Research

JEREMY RUDD, KARL WHELAN

doi:10.1111/j.1538-4616.2007.00019.x

Modeling Inflation Dynamics: A Critical Review of Recent Research

DOI Web Site Web Site 被引用文献2件

書誌事項

公開日: 2007-01-18

権利情報

http://onlinelibrary.wiley.com/termsAndConditions#vor

DOI

10.1111/j.1538-4616.2007.00019.x

公開者: Wiley

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説明

<jats:p>In recent years, a broad academic consensus has arisen that favors using rational expectations sticky‐price models to capture inflation dynamics. We review the principal conclusions of this literature concerning: (1) the ability of these models to fit the data; (2) the importance of rational forward‐looking expectations in price setting; and (3) the appropriate measure of inflationary pressures. We argue that existing models fail to provide a useful empirical description of the inflation process.</jats:p>