Money and prices in models of bounded rationality in high-inflation economies

被引：4

作者：

Marcet, A ^{[1
]}

Nicolini, JP

机构：

[1] CSIC, Inst Anal Econ, Barcelona, Spain

[2] Univ Pompeu Fabra, Dept Econ & Empresa, Barcelona 08005, Spain

[3] Univ Torcuato Tella, RA-1428 Buenos Aires, DF, Argentina

来源：

REVIEW OF ECONOMIC DYNAMICS | 2005年 / 8卷 / 02期

关键词：

inflation and money growth; switching regimes; quasi-rationality;

D O I：

10.1016/j.red.2005.01.006

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the short run correlation of inflation and money growth. We study whether a model of learning does better or worse than a model of rational expectations, and we focus our study on countries of high inflation. We take the money process as an exogenous variable, estimated from the data through a switching regime process. We find that the rational expectations model and the model of learning both offer very good explanations for the joint behavior of money and prices. (c) 2005 Elsevier Inc. All rights reserved.

引用

页码：452 / 479

页数：28