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P* Type Models: Evaluation and Forecasts / Rowena A. Pecchenino, Robert H. Rasche.
- Format:
- Book
- Author/Creator:
- Pecchenino, Rowena Ann.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3406.
- NBER working paper series no. w3406
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- P* Type Models
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1990.
- Summary:
- This paper critically evaluates the Federal Reserve's p* model of inflation, and develops a model of national income determination implicit in the p* formulation. We use this model to forecast the future paths of key macroeconomic variables and investigate its behavior under a variety of deterministic monetary policy rules. These forecasts and policy simulations suggest a dynamic economic behavior inconsistent with stylized facts, and lead us to question the underlying structure of the p* formulation.
- Notes:
- Print version record
- August 1990.
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