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https://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/94539| Título : | A Markov-switching model of inflation: looking at the future during uncertain times |
| Palabras clave : | Economía y Finanzas;regime swiching;Phillips curve;inflationary expectations |
| Editorial : | Universidad Autónoma Metropolitana Unidad Azcapotzalco |
| Descripción : | In this paper, we analyze the dynamic of inflation in Venezuela, during the last eighteen years, through a Markov-switching estimation of a New Keynesian Phillips curve. Estimation is carried out using the EM algorithm. The model´s estimates distinguish between a "normal or backward looking" regime and a "rational expectation" regime consistent with episodes of high uncertainty regarding the performance of the economy. This characterization of regimes is based on two elements: the description of the process of formation of inflationary expectations and the main economic events occurred during each regime. |
| URI : | http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/94539 |
| Otros identificadores : | http://www.redalyc.org/articulo.oa?id=41315994005 |
| Aparece en las colecciones: | División de Ciencias Sociales y Humanidades - DCSH/UAM-A - Cosecha |
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