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Published online by Cambridge University Press: 24 July 2020
In this chapter, we use the measure of pattern-based expectations in an econometric investigation of inflation. It is well known that expected inflation itself is an important driver of inflation. Older accounts see the inflationary expectations of workers as the central variable that explains why expectations affect the course of the aggregate price level. In more recent contributions, decision-making of firms takes central stage. The expectation of producers regarding the future course of the price level is seen as an important element in firms’ price setting.1 The empirical study here follows this newer approach.
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