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Learning, endogenous indexation, and disinflation in the new-keynesian model

dc.contributor.authorWieland, Volker
dc.date.accessioned2019-11-01T00:04:26Z
dc.date.available2019-11-01T00:04:26Z
dc.date.issued2009
dc.identifier.isbn978-956-7421-32-9
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3755
dc.descriptionDeveloping 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.
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 413-450
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking, Analysis, and Economic Policies, no. 13
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectINFLACIÓNes_ES
dc.subjectECONOMÍA KEYNESIANAes_ES
dc.subjectMACROECONOMÍAes_ES
dc.subjectBANCOS CENTRALESes_ES
dc.titleLearning, endogenous indexation, and disinflation in the new-keynesian model
dc.type.docArtículo
dc.file.nameBCCh-sbc-v13-p413_450


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