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Inflation expectations in the euro area: Are consumers rational?

António Rua, Cláudia Duarte () and Francisco Craveiro Dias

Working Papers from Banco de Portugal, Economics and Research Department

Abstract: In this paper, we propose a quantitative measure for inflation expectations based on consumer survey data. Thereafter, we proceed to testing the rationality assumption. This issue is of noteworthy interest in its own as it is commonly assumed in the theoretical modelling literature that the rational expectations hypothesis holds. This analysis is conducted for the euro area as a whole, as well as for several member countries, using a sample covering the last two decades. Moreover, we also assess if the conclusions hold when one focuses on the post-euro introduction period.

JEL-codes: C16 C22 C43 E31 (search for similar items in EconPapers)
Date: 2008
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Journal Article: Inflation expectations in the euro area: are consumers rational? (2010) Downloads
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