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Forward-looking behaviour and credibility: some evidence and implications for policy

de Brouwer, Gordon; Ellis, Luci


Whether people form their expectations of the future in a model-consistent or extrapolative manner, has implications for the way the economy and monetary policy are modelled. The first half of this paper provides three pieces of information about inflation expectations – that survey measures of expectations are inconsistent with rational expectations, but less so for financial markets than households; that actual and expected inflation interact with each other; and that the foreign exchange...[Show more]

CollectionsANU Research Publications
Date published: 1998
Type: Working/Technical Paper


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