Replication data for: Do Expectations Matter? The Great Moderation Revisited
Principal Investigator(s): View help for Principal Investigator(s) Fabio Canova; Luca Gambetti
Version: View help for Version V1
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| AEJMac2008-0051_data | 08/03/2019 06:08:AM | ||
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text/plain | 14.6 KB | 08/03/2019 02:08:AM |
Project Citation:
Project Description
Summary:
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We examine the role of expectations in the Great Moderation episode. We derive theoretical restrictions in a New-Keynesian model and test them using measures of expectations obtained from survey data, the Greenbook and bond markets. Expectations explain the dynamics of inflation and interest rates but their importance is roughly unchanged over time. Systems with and without expectations display similar reduced form characteristics. Results are robust to changes in the structure of the empirical model. (JEL E23, E24, E31, E32)
Scope of Project
JEL Classification:
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E24 Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity
E31 Price Level • Inflation • Deflation
E23 Production
E32 Business Fluctuations • Cycles
E24 Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity
E31 Price Level • Inflation • Deflation
E23 Production
E32 Business Fluctuations • Cycles
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