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Federal Reserve Bank of Cleveland
Working Papers (Old Series)
Expectations, credibility, and disinflation in a small macroeconomic model
Chan Guk Huh
Kevin J. Lansing
Abstract

A study of the effects of expectations and central bank credibility on the economy's dynamic transition path during a disinflation. Using a version of the Fuhrer-Moore model, it compares simulations under different specifications that vary according to the way expectations are formed and the degree of central bank credibility.


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Chan Guk Huh & Kevin J. Lansing, Expectations, credibility, and disinflation in a small macroeconomic model, Federal Reserve Bank of Cleveland, Working Papers (Old Series) 9713, 1997.
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Keywords: Monetary policy ; Inflation (Finance) ; Business cycles
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