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- Title
Has the Behavior of Inflation and Long-Term Inflation Expectations Changed?
- Authors
Clark, Todd E.; Nakata, Taisuke
- Abstract
The article examines the evidence of shifts in the behavior of inflation and long-term inflation expectations, using statistical models that allow for gradual change over time. The analysis focuses on changes in the influence of market expectations on inflation. From 1975 to 1980, inflation in core consumer prices rose sharply as crude oil prices more than tripled. As core inflation and long-term inflation expectations have varied less in the past decade than in prior years, some market analysts have suggested that the behavior of inflation and market expectations has fundamentally shifted.
- Subjects
PRICE inflation; TRENDS; PRICE level changes; ECONOMIC forecasting; ECONOMIC statistics; ECONOMIC policy; CONSUMPTION (Economics); CONSUMER preferences; FINANCE
- Publication
Economic Review (01612387), 2008, Vol 93, Issue 1, p17
- ISSN
0161-2387
- Publication type
Article