Is The Phillips Curve Alive and Well After All? Inflation Expectations and the Missing Disinflation

By Olivier Coibion, Y. Gorodnichenko. 2013

793 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/aa1870a034c036680d1399d94d2ed7701695ee51

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

Citations in the corpus

Anchoring of Inflation Expectations in the Euro Area: Recent Evidence Based on Survey Data (2016, neutral): “Due to data availability problems consumer inflation expectations have been used to proxy firms’ expectations2 (e.g. Coibion and Gorodnichenko, 2015; Friedrich, 2016), but consumer expectations are obviously important also themselves, for understanding decisions related to consumption, saving and…”
Optimal Inflation and the Identification of the Phillips Curve (2019, background): “…by appealing to one or more of: a flatter structural Phillips curve slope, better anchored inflation expectations or increases in inflation expectations, the inflationary effects of financial frictions, or weaker potential supply growth (see Coibion and Gorodnichenko 2015 for a discussion).”
A Behavioral New Keynesian Model (2020, background): “…microeconomic evidence for the existence of inattention to small dimensions of reality (Gabaix and Laibson (2006), Brown, Hossain and Morgan (2010), Gabaix (2019)) including taxes (Taubinsky and Rees-Jones (2017)), and macroeconomic variables (Coibion and Gorodnichenko (2015), Afrouzi (2019)).”
A Model of the Fed's View on Inflation (2017, neutral): “Coibion et al. (2017b) discuss the incorporation of survey data on inflation expectations in models of inflation dynamics.”
HOW DOES CONSUMPTION RESPOND TO NEWS ABOUT INFLATION? FIELD EVIDENCE FROM A RANDOMIZED CONTROL TRIAL (2019, background): “…full-information rational expectations for a range of agents in a number of different settings: e.g., U.S. professional forecasters and households (Coibion and Gorodnichenko 2012, 2015), European professional forecasters (Andrade and Le Bihan 2013), German households (Dräger and Nghiem 2018), and…”
Exposure to Daily Price Changes and Inflation Expectations (2019, background): “Previous research documented greater stock market participation for more educated and higher-income individuals (D’Acunto, Prokopczuk, and Weber (2019)) who also tend to have more accurate inflation expectations (D’Acunto et al. (2016)).”
Inflation Expectations, Learning and Supermarket Prices: Evidence from Survey Experiments (2017, background): “Although central banks seek to influence expectations, there is no consensus in the empirical literature on how household inflation expectations are formed or can be affected (See Bernanke, 2007; Bachmann et al., 2012; Coibion and Gorodnichenko, 2015).”
Monetary Policy Communications and Their Effects on Household Inflation Expectations (2018, positive): “Randomized information treatments applied to firms in New Zealand, for example, suggest that managers respond strongly to information about recent inflation or the inflation target (Coibion, Gorodnichenko and Kumar 2018) as well as to the higher-order beliefs of other managers (Coibion et al. 2018b)”