Inflation Persistence

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ID: 302252
1995
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Abstract
This paper demonstrates that the behavior of the conventional Phelps-Taylor model of overlapping wage contracts stands in stark contrast with important features of U. S. macro data for inflation and output. In particular, the Phelps-Taylor specification implies far too little inflation persistence. We present a new contracting model, in which agents are concerned with relative real wages, that is data-consistent. In a specification that nests both models, we resoundingly reject the conventional contracting model, but cannot reject the new contracting model.
Reference Key
openalex_W4210365901 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Jeffrey C. Fuhrer, George R. Moore
Journal the quarterly journal of economics
Year 1995
DOI
10.2307/2118513
URL
https://doi.org/10.2307/2118513
Keywords Keywords not found

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