Whose expectations augment the Phillips curve?
Carola Binder ()
Economics Letters, 2015, vol. 136, issue C, 35-38
This letter uses consumer survey data to estimate expectations-augmented Phillips curves with inflation expectations disaggregated by socioeconomic and demographic groups. The inflation expectations of high-income, college-educated, male, and working-age people play a larger role in inflation dynamics than do the expectations of other groups of consumers or of professional forecasters.
Keywords: Inflation; Heterogeneous expectations; Phillips curve (search for similar items in EconPapers)
JEL-codes: D1 E3 E5 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:136:y:2015:i:c:p:35-38
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