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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Autor principal: Wieland, Volker
Formato: Artículo
Lenguaje:eng
Publicado: Banco Central de Chile 2019
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Acceso en línea:https://hdl.handle.net/20.500.12580/3755
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spelling 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
institution Banco Central
collection Banco Central
language eng
topic INFLACIÓN
ECONOMÍA KEYNESIANA
MACROECONOMÍA
BANCOS CENTRALES
spellingShingle 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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