Sticky Information Phillips Curves: European Evidence

Authors


  • We thank the Editor Masao Ogaki, the referee, and Sophocles Mavroeidis for helpful comments, and Christina Gerberding for her data on inflation and GDP expectations. The views presented in this paper are the authors' and do not necessarily reflect those of DIW Berlin or IfW Kiel or the European Central Bank.

Abstract

We estimate the Sticky Information Phillips Curve model of Mankiw and Reis (2002) using survey expectations of professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany, and the United Kingdom are updated about once a year, while in Italy, about once each 6 months.

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