| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3119 |
| DP3119 Factor Forecasts for the UK | |
| Michael Artis; Anindya Banerjee; Massimiliano Marcellino | |
| 发表日期 | 2002 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Sargent (1999) warns that if policy makers? views on the unemployment-inflation trade-off are driven by empirical correlations, rather than theory, disinflations (escapes from high to low inflation) may periodically occur but are not bound to last. This Paper asks how different inflation objectives by the policy maker affect this result. We show that escapes in the neighborhood of zero inflation are less frequent and have a shorter duration, as policy objectives become more inflation averse. A sufficiently (but not infinitely) inflation averse policy maker never escapes Nash inflation and, on average, yields a lower inflation rate. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation bias Disinflation Learning Conservative bankers |
| URL | https://cepr.org/publications/dp3119 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532144 |
| 推荐引用方式 GB/T 7714 | Michael Artis,Anindya Banerjee,Massimiliano Marcellino. DP3119 Factor Forecasts for the UK. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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