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.
Options for accessing this content:
- If you have access to this content through a society membership, please first log in to your society website.
- If you would like institutional access to this content, please recommend the title to your librarian.
- Login via other institutional login options http://onlinelibrary.wiley.com/login-options.
- You can purchase online access to this Article for a 24-hour period (price varies by title)
- If you already have a Wiley Online Library or Wiley InterScience user account: login above and proceed to purchase the article.
- New Users: Please register, then proceed to purchase the article.
Type your institution's name in the box below. If your institution is a Wiley customer, it will appear in the list of suggested institutions and you will be able to log in to access content. Some users may also log in directly via OpenAthens.
Please note that there are currently a number of duplicate entries in the list of institutions. We are actively working on fixing this issue and apologize for any inconvenience caused.
Registered Users please login:
- Access your saved publications, articles and searches
- Manage your email alerts, orders and subscriptions
- Change your contact information, including your password
Please register to:
- Save publications, articles and searches
- Get email alerts
- Get all the benefits mentioned below!