Macroeconomía Política económica

Inflation, Information Rigidity, and the Sticky Information Phillips Curve

2017

Descarga

The Great Moderation is characterized as a period of stable macroeconomic conditions, especially with regard to inflation. Under the sticky information theory, this environment may provide a few incentives for agents to update information on inflation, thus, producing a new slope of the sticky information Phillips curve. We estimate the degree of information rigidity implied by the sticky information Phillips curve. Using threshold models, we identify two regimes of high and low inflation, finding that each identified regime is associated with a specific degree of information stickiness. This evidence is consistent with agents that update information faster when inflation is higher.

Artículos Relacionados
Política económica hace 12 días
Política económica hace 12 días

Copyright 2019 - Centro de Investigación de la Universidad del Pacífico