Sticky Information Phillips Curves: European Evidence

Döpke, Jörg; Dovern, Jonas; Fritsche, Ulrich; Slacalek, Jirka

doi:10.1111/j.1538-4616.2008.00169.x

Cited by 50 publications

(41 citation statements)

References 24 publications

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“…28 We thus additionally estimate a consistent specification that assumes an AR (1) All tables also report estimation results using the mean of quantitative survey perceptions from the Swedish Consumer Tendency Survey (denoted by the country code SEq). The 27 More precisely, Döpke, Dovern, Fritsche, and Slacalek (2008b) report that the restriction is rejected for France, but holds for the other three countries as well as for the pooled sample.…”

Section: 90mentioning

confidence: 99%

“…5 Carroll (2003) and Döpke, Dovern, Fritsche, and Slacalek (2008b) estimate this model for the U.S. and Europe respectively. They find that consumers in the U.S. update their information about once a year, in Europe about once in eighteen months.…”

Section: Models Of Perception Formationmentioning

confidence: 99%

“…These estimates are lower than the updating frequencies reported by studies relying on survey data about inflation expectations. For European countries, Döpke, Dovern, Fritsche andSlacalek (2008a, 2008b) find that between 20 and 30 percent of households (and firms) update their expectations within a given quarter. 3 However, we find that the epidemiological model does not adequately describe perception formation in our sample of European countries.…”

Section: Introductionmentioning

confidence: 99%

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The Formation of Inflation Perceptions - Some Empirical Facts for European Countries

Lein

Maag

2008

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Unlike studies on expectations, we cannot confirm that a constant fraction of the population updates information every month. Also, the cross-sectional heterogeneity of perceptions is higher than implied by infrequent updating alone. Terms of use: Documents in EconStor mayJEL classification: E31, E50, D83.

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Section: 90mentioning

confidence: 99%

Section: Models Of Perception Formationmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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The Formation of Inflation Perceptions - Some Empirical Facts for European Countries

Lein

Maag

2008

SSRN Journal

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“…Except for the US, informational rigidities, λ, are lower than those found in the literature (Khan and Zhu 2002;Carroll 2003;Döpke et al 2008). The estimated realrigidity parameter α lies very close to the baseline in the UK whereas our estimates are higher for the other five countries.…”

Section: Estimation Resultsmentioning

confidence: 38%

“…For France, we find a very high point estimate for α which is associated with a very high standard deviation. The problem of an imprecisely estimated degree of real rigidity when both Phillips-curve parameters are estimated jointly is a known phenomenon in the literature (see Khan and Zhu 2002;Döpke et al 2008). …”

Section: Estimation Resultsmentioning

confidence: 99%

Sticky Prices vs. Sticky Information - A Cross-Country Study of Inflation Dynamics

Bredemeier

Goecke

2011

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The working papers published in the Series constitute work in progress circulated to stimulate discussion and critical comments. Views expressed represent exclusively the authors' own opinions and do not necessarily refl ect those of the editors. Terms of use: Documents in Ruhr Economic Papers #255Christian Bredemeier and Henry Goecke Sticky Prices vs. Sticky Information

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Do professional forecasters believe in the Phillips curve? evidence from the G7 countries

Fendel

Lis

Rülke

2011

Journal of Forecasting

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This paper uses monthly survey data for the G7 countries for the time period 1989-2007 to explore the link between expectations on nominal wages, prices and unemployment rates as suggested by the wage and price Phillips curves. Four major fi ndings stand out. First, we fi nd that survey participants trust in both types of Phillips curve relationships. Second, we fi nd evidence in favor of nonlinearities in the price Phillips curve. Third, we take into account a kink in the price Phillips curve to indicate that the slope of the Phillips curve differs during the business cycle. We fi nd strong evidence of this feature in the data which confi rms recent theoretical discussions. Fourth, we employ our data to the expectations-augmented Phillips curve model. The results suggest that professional forecasters adopt this model when forecasting macroeconomic variables.

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Sticky Information Phillips Curves: European Evidence

Abstract: This paper can be downloaded without charge from http://www.ecb.europa.eu or from the Social Science Research Network electronic library at http://ssrn.com/abstract_id=1219542.

Cited by 50 publications

References 24 publications

The Formation of Inflation Perceptions - Some Empirical Facts for European Countries

The Formation of Inflation Perceptions - Some Empirical Facts for European Countries

Sticky Prices vs. Sticky Information - A Cross-Country Study of Inflation Dynamics

Do professional forecasters believe in the Phillips curve? evidence from the G7 countries

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