Does trend inflation make a difference?

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• 作者：Michele Loberto^a ; ^{michele.loberto@bancaditalia.it} ; Chiara Perricone^b ; ^{chiara.perricone@uniroma2.it}
• 关键词：C1 ; C5 ; E4 ; E5
• 刊名：Economic Modelling
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：61
• 期：Complete
• 页码：351-375
• 全文大小：1111 K
• 卷排序：61

文摘

We assess the quantitative impact of modeling trend in ation in a medium-scale DSGE. We compare different versions with/out trend in ation of a well-known DSGE model. The comparison is based on both Bayesian loss functions and indirect inference tests. We do not find evidence that a model with trend in ation should always be preferred.