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Observed inflation forecasts and the new Keynesian macro model

Mika Kortelainen, Maritta Paloviita () and Matti Viren

Economics Letters, 2011, vol. 112, issue 1, 88-90

Abstract: This paper compares the GMM and measured expectations in estimating the conventional New Keynesian macro model for the Euro area and the United States. The use of measured expectations strongly reduces the importance of lagged output and inflation terms.

Keywords: Expectations; Inflation; Macro; model (search for similar items in EconPapers)
Date: 2011
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Handle: RePEc:eee:ecolet:v:112:y:2011:i:1:p:88-90