Learning, endogenous indexation, and disinflation in the new-keynesian model
Developing a better understanding of the costs of disinflation has long been an important objective for macroeconomic research. Since the 1980s, disinflation episodes and strategies have been studied extensively under the assumption of rational expectations. This assumption implies that central bank...
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Banco Central de Chile
2019
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oai-20.500.12580-37552021-04-24T11:03:17Z Learning, endogenous indexation, and disinflation in the new-keynesian model Wieland, Volker INFLACIÓN ECONOMÍA KEYNESIANA MACROECONOMÍA BANCOS CENTRALES Developing a better understanding of the costs of disinflation has long been an important objective for macroeconomic research. Since the 1980s, disinflation episodes and strategies have been studied extensively under the assumption of rational expectations. This assumption implies that central bank announcements regarding future policy plans can help achieve disinflation at little or no cost in terms of lost output in spite of the presence of price level rigidity. Many researchers consider this prediction too optimistic in light of historical experience. Thus, most models used for policy analysis today combine the rational expectations assumption with additional frictions that increase the cost of disinflation, such as exogenous backward-looking indexation of wages and producer prices. 2019-11-01T00:04:26Z 2019-11-01T00:04:26Z 2009 Artículo 978-956-7421-32-9 https://hdl.handle.net/20.500.12580/3755 eng Series on Central Banking, Analysis, and Economic Policies, no. 13 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 413-450 application/pdf Banco Central de Chile |
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Banco Central |
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Banco Central |
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eng |
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INFLACIÓN ECONOMÍA KEYNESIANA MACROECONOMÍA BANCOS CENTRALES |
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INFLACIÓN ECONOMÍA KEYNESIANA MACROECONOMÍA BANCOS CENTRALES Wieland, Volker Learning, endogenous indexation, and disinflation in the new-keynesian model |
description |
Developing a better understanding of the costs of disinflation has long been an important objective for macroeconomic research. Since the 1980s, disinflation episodes and strategies have been studied extensively under the assumption of rational expectations. This assumption implies that central bank announcements regarding future policy plans can help achieve disinflation at little or no cost in terms of lost output in spite of the presence of price level rigidity. Many researchers consider this prediction too optimistic in light of historical experience. Thus, most models used for policy analysis today combine the rational expectations assumption with additional frictions that increase the cost of disinflation, such as exogenous backward-looking indexation of wages and producer prices. |
format |
Artículo |
author |
Wieland, Volker |
author_facet |
Wieland, Volker |
author_sort |
Wieland, Volker |
title |
Learning, endogenous indexation, and disinflation in the new-keynesian model |
title_short |
Learning, endogenous indexation, and disinflation in the new-keynesian model |
title_full |
Learning, endogenous indexation, and disinflation in the new-keynesian model |
title_fullStr |
Learning, endogenous indexation, and disinflation in the new-keynesian model |
title_full_unstemmed |
Learning, endogenous indexation, and disinflation in the new-keynesian model |
title_sort |
learning, endogenous indexation, and disinflation in the new-keynesian model |
publisher |
Banco Central de Chile |
publishDate |
2019 |
url |
https://hdl.handle.net/20.500.12580/3755 |
work_keys_str_mv |
AT wielandvolker learningendogenousindexationanddisinflationinthenewkeynesianmodel |
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1718346895347154944 |