Inflation Dynamics: The Role of Expectations
估计了同时包含理性预期和调查预期的菲利普斯曲线，发现调查预期在统计上显著影响企业预期和通胀动态，但理性预期仍占主导地位。
This paper estimates the Phillips curve allowing for a simultaneous role of rational and survey expectations. We consider both a reduced form and a structural specification of the Phillips curve. The results suggest that survey expectations can be a statistically significant component of firms' expectations and inflation dynamics. However, rational expectations continue to play a dominant role.