Experimental Evidence on the Persistence of Output and Inflation
通过实验室货币经济实验，发现产出和通胀在货币冲击后表现出显著持续性和周期性，而理性预期无法解释这一现象；相反，受限感知均衡（RPE）能较好地描述受试者的通胀预期并解释观察到的行为。
This article presents experimental evidence from a monetary sticky price economy in which output and inflation depend on expected future inflation. Rational inflation expectations do not allow for persistent deviations of output and inflation following a monetary shock. In the experimental sessions, however, output and inflation display considerable persistence and regular cyclical patterns. This emerges because subjects' inflation expectations fail to be captured by rational expectations functions. Instead, a Restricted Perceptions Equilibrium (RPE), which assumes that agents use optimal but 'simple' forecast functions, describes subjects' inflation expectations surprisingly well and explains the observed behaviour of output and inflation. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.