Precursors of the P-star model
Thomas M. Humphrey
Economic Review, 1989, vol. 75, issue Jul, 3-9
The Federal Reserve Boards P-Star inflation forecasting model predicts changes in inflation from the gap between actual and equilibrium prices. The model has a distinguished history. Quantity theorists from David Hume to Milton Friedman have long used versions of it to explain how money stock changes determine price level changes with a lag.
Keywords: Prices; Inflation (Finance); Forecasting (search for similar items in EconPapers)
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