Inflation expectations, uncertainty, the Phillips Curve, and monetary policy

Michael Kiley ()

No 2009-15, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Inflation expectations play a central role in models of the Phillips curve. At long time horizons inflation expectations may reflect the credibility of a monetary authority's commitment to price stability. These observations highlight the importance of inflation expectations for monetary policy. These comments touch on three issues regarding inflation expectations: The evolving treatment of inflation expectations in empirical Phillips curve models; three recent models of information imperfections and inflation expectations; and potential policy implications of different models.

Keywords: Inflation (Finance); Monetary policy (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2009
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