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Replication data for: The Formation of Expectations, Inflation, and the Phillips Curve

Version
V0
Resource Type
Dataset
Creator
  • Coibion, Olivier
  • Gorodnichenko, Yuriy
  • Kamdar, Rupal
Publication Date
2018-01-06
Description
  • Abstract

    This paper argues for a careful (re)consideration of the expectations formation process and a more systematic inclusion of real-time expectations through survey data in macroeconomic analyses. While the rational expectations revolution has allowed for great leaps in macroeconomic modeling, the surveyed empirical micro-evidence appears increasingly at odds with the full-information rational expectation assumption. We explore models of expectation formation that can potentially explain why and how survey data deviate from full-information rational expectations. Using the New Keynesian Phillips curve as an extensive case study, we demonstrate how incorporating survey data on inflation expectations can address a number of otherwise puzzling shortcomings that arise under the assumption of full-information rational expectations.
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/jel.20171300 (Text)
Publications
  • Coibion, Olivier, Yuriy Gorodnichenko, and Rupal Kamdar. “The Formation of Expectations, Inflation, and the Phillips Curve.” Journal of Economic Literature 56, no. 4 (December 2018): 1447–91. https://doi.org/10.1257/jel.20171300.
    • ID: 10.1257/jel.20171300 (DOI)

Update Metadata: 2019-10-12 | Issue Number: 1 | Registration Date: 2019-10-12

Coibion, Olivier; Gorodnichenko, Yuriy; Kamdar, Rupal (2018): Replication data for: The Formation of Expectations, Inflation, and the Phillips Curve. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E113915