Relative Price Variability and Nonuniform Inflationary Expectations
基于理性预期与部分信息框架，证明相对价格变动方差与跨市场通胀预期方差正相关，并用直接测量的预期数据验证了该关系，其中超过三分之一可由模型解释。
Using a generalization of a rational, partial information framework presented fully in Cukierman and Wachtel (1979), it is shown that there is a positive relationship between the variance of relative price change and the variance of inflationary expectations across markets in the economy. This implication is then tested empirically using data on the variance of relative price change and on the variance of directly measured expectations. The empirical evidence supports the view that there is a positive relationship between the two variances and that more than one-third of this relationship is explainable in terms of the model presented.