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Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)
FRB 2021.10.15 원문보기
Economists and economic policymakers believe that households‘ and firms‘ expectations of future inflation are a key determinant of actual inflation. A review of the relevant theoretical and empirical literature suggests that this belief rests on extremely shaky foundations, and a case is made that adhering to it uncritically could easily lead to serious policy errors.
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