For example, Schmitt-Grohé and Uribe (2004) using U.S. data from 1960 to 1998 calibrated trend inflation at 4.2%. In the same period, Germany, Italy, Spain, and the United Kingdom experienced average inflation rates of 3.2%, 8.1%, 7.1%, and 9.0% respectively (source: Organisation for Economic Co-operation and Development [OECD]).
Trend Inflation, Taylor Principle, and Indeterminacy
Article first published online: 6 NOV 2009
© 2009 The Ohio State University
Journal of Money, Credit and Banking
Volume 41, Issue 8, pages 1557–1584, December 2009
How to Cite
ASCARI, G. and ROPELE, T. (2009), Trend Inflation, Taylor Principle, and Indeterminacy. Journal of Money, Credit and Banking, 41: 1557–1584. doi: 10.1111/j.1538-4616.2009.00272.x
We would like to thank two anonymous referees and particularly the editor, Ken West, for very useful comments and suggestions. We also thank seminar participants at the Kiel Institute for World Economics, University of Milano-Bicocca, Paris School of Economics, IGIER-Bocconi, University of Padova, University of Rome Tor Vergata, and University of York. Ascari thanks the MIUR for financial support through the PRIN 05 program. The views expressed herein are those of the authors and do not necessarily reflect those of the Banca d'Italia. The usual disclaimer applies.
- Issue published online: 6 NOV 2009
- Article first published online: 6 NOV 2009
- Received September 11, 2007; and accepted in revised form July 20, 2009.
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