Inflation scares and forecast-based monetary policy
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2023, Economic ModellingCitation Excerpt :Markiewicz and Pick (2014) show that the AL model better fits the survey of professional forecasters. The literature shows that AL introduces endogenous persistence into DSGE models, reducing the need for rigidities to capture the data (Orphanides and Williams, 2005; Slobodyan and Wouters, 2012b; Milani, 2007). This paper’s results broadly support these findings; my estimates on the persistence of markup and exchange rate shocks are significantly smaller under AL than under RE, while I do not find significant differences in the estimated rigidities.
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