Information Theory and Group Differences in Inflation Expectations PDF Download

Author: R. A. Batchelor
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 60

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Author: Peter J. N. Sinclair
Publisher: Routledge
ISBN: 1135179778
Category : Business & Economics
Languages : en
Pages : 402

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Book Description
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.

Author: Klaus Günter Grunert
Publisher: Springer Science & Business Media
ISBN: 9400924704
Category : Business & Economics
Languages : en
Pages : 432

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may be related to another basic assumption in economic psychology: that the human capacity to process information from the environment is limited, and that the kind of optimal use of that information postulated in many economic theories is therefore not possible. The research methods used are mainly geared towards empirical research, and there mostly towards survey research and experimentation. Experimentation involves most often simulated behaviour in a laboratory, which allows the experimental manipulation of possible causes of behaviour which would not be possible in real life. Survey research is the most widely used instrument for investigating real-world behaviour, with all its caveats about establishing causal explanations. Several introductory books (e. g. , Fumham & Lewis, 1986; Lea, Tarpy, & Webley, 1987; van Raaij, van Veldhoven, & Wlimeryd, 1988) and articles (e. g. , van Raaij, 1979; Wiswede, 1988) have appeared recently, which try to give an overview of the field of economic psychology, and which, in varying degrees, demonstrate the three foundations of economic psychology just mentioned. Others have concentrated on certain subtopics, such as the psychology of the labour market (e. g. , Baxter, 1988; Pelzmann, 1986).

Author: Batchelor, R.A.
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 48

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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 616

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Author: Lars Jonung
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 44

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Author: Mark Gertler
Publisher: MIT Press
ISBN: 9780262572217
Category : Business & Economics
Languages : en
Pages : 436

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The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers to an audience of public policymakers and the academic community. Each commissioned paper is followed by comments and discussion. This year's edition provides a mix of cutting-edge research and policy analysis on such topics as productivity and information technology, the increase in wealth inequality, behavioral economics, and inflation.

Author: Jim Granato
Publisher: Cambridge University Press
ISBN: 1009038176
Category : Political Science
Languages : en
Pages : 399

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Tension has long existed in the social sciences between quantitative and qualitative approaches on one hand, and theory-minded and empirical techniques on the other. The latter divide has grown sharper in the wake of new behavioural and experimental perspectives which draw on both sides of these modelling schemes. This book works to address this disconnect by establishing a framework for methodological unification: empirical implications of theoretical models (EITM). This framework connects behavioural and applied statistical concepts, develops analogues of these concepts, and links and evaluates these analogues. The authors offer detailed explanations of how these concepts may be framed, to assist researchers interested in incorporating EITM into their own research. They go on to demonstrate how EITM may be put into practice for a range of disciplines within the social sciences, including voting, party identification, social interaction, learning, conflict and cooperation to macro-policy formulation.

Author: United Nations Library (Geneva, Switzerland)
Publisher:
ISBN:
Category : International relations
Languages : en
Pages : 878

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Author: Mr.Rudolfs Bems
Publisher: International Monetary Fund
ISBN: 148439223X
Category : Business & Economics
Languages : en
Pages : 31

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Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of inflation expectations' anchoring using survey-based inflation forecasts for 45 economies starting in 1989. We then study the response of consumer prices to terms-of-trade shocks for countries with flexible exchange rates. We find that these shocks have a significant and persistent effect on consumer price inflation when expectations are poorly anchored. By contrast, inflation reacts by less and returns quickly to its pre-shock level when expectations are strongly anchored.