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Inflation expectations in the Euro area: are consumers rational?


Dias, Francisco; Duarte, Cláudia; Rua, António


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-251318

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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.
Klassifikation Volkswirtschaftslehre; Wirtschaftsstatistik, Ökonometrie, Wirtschaftsinformatik
Freie Schlagwörter Inflation expectations; Consumer survey; Probability method; Rationality tests; Common factors; C16; C22; C43; E31
Sprache Dokument Englisch
Publikationsjahr 2010
Seitenangabe S. 591-607
Zeitschriftentitel Review of World Economics, 146 (2010) 3
DOI http://dx.doi.org/10.1007/s10290-010-0058-6
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)