¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?)

Los economistas y los diseñadores de política económica creen que las expectativas de los hogares y las empresas acerca de la inflación futura son un factor determinante de la inflación real. Un examen de la literatura teórica y empírica pertinente sugiere que esta creencia se basa en fundamentos po...

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Autores:: Rudd, Jeremy B.

Tipo de recurso:: Article of journal

Fecha de publicación:: 2022

Institución:: Universidad Externado de Colombia

Repositorio:: Biblioteca Digital Universidad Externado de Colombia

Idioma:: spa

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dc.title.spa.fl_str_mv	¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?)
dc.title.translated.eng.fl_str_mv	Why do we think that inflation expectations matter for inflation? (and should we?)
title	¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?)
spellingShingle	¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?) monetary policy, inflation, expectations, Phillips curve; unemployment, wages E24, E31 E52, E58 política monetaria, inflación, expectativas, curva de Phillips; desempleo, salarios E24, E31 E52, E58 política monetária, inflação, expectativas, curva de Phillips; desemprego, salários E24, E31 E52, E58
title_short	¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?)
title_full	¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?)
title_fullStr	¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?)
title_full_unstemmed	¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?)
title_sort	¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?)
dc.creator.fl_str_mv	Rudd, Jeremy B.
dc.contributor.author.spa.fl_str_mv	Rudd, Jeremy B.
dc.subject.eng.fl_str_mv	monetary policy, inflation, expectations, Phillips curve; unemployment, wages E24, E31 E52, E58
topic	monetary policy, inflation, expectations, Phillips curve; unemployment, wages E24, E31 E52, E58 política monetaria, inflación, expectativas, curva de Phillips; desempleo, salarios E24, E31 E52, E58 política monetária, inflação, expectativas, curva de Phillips; desemprego, salários E24, E31 E52, E58
dc.subject.spa.fl_str_mv	política monetaria, inflación, expectativas, curva de Phillips; desempleo, salarios E24, E31 E52, E58 política monetária, inflação, expectativas, curva de Phillips; desemprego, salários E24, E31 E52, E58
description	Los economistas y los diseñadores de política económica creen que las expectativas de los hogares y las empresas acerca de la inflación futura son un factor determinante de la inflación real. Un examen de la literatura teórica y empírica pertinente sugiere que esta creencia se basa en fundamentos poco sólidos y lleva a argumentar que adoptarla en forma acrítica puede conducir fácilmente a graves errores de política económica.
publishDate	2022
dc.date.accessioned.none.fl_str_mv	2022-07-01 14:04:06 2022-09-09T21:19:32Z
dc.date.available.none.fl_str_mv	2022-07-01 14:04:06 2022-09-09T21:19:32Z
dc.date.issued.none.fl_str_mv	2022-07-01
dc.type.spa.fl_str_mv	Artículo de revista
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dc.type.local.eng.fl_str_mv	Journal article
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dc.identifier.doi.none.fl_str_mv	10.18601/01245996.v24n47.10
dc.identifier.eissn.none.fl_str_mv	2346-2450
dc.identifier.issn.none.fl_str_mv	0124-5996
dc.identifier.uri.none.fl_str_mv	https://bdigital.uexternado.edu.co/handle/001/12304
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identifier_str_mv	10.18601/01245996.v24n47.10 2346-2450 0124-5996
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dc.language.iso.spa.fl_str_mv	spa
language	spa
dc.relation.bitstream.none.fl_str_mv	https://revistas.uexternado.edu.co/index.php/ecoins/article/download/7966/11831
dc.relation.citationedition.spa.fl_str_mv	Núm. 47 , Año 2022 : Julio-Diciembre
dc.relation.citationendpage.none.fl_str_mv	243
dc.relation.citationissue.spa.fl_str_mv	47
dc.relation.citationstartpage.none.fl_str_mv	213
dc.relation.citationvolume.spa.fl_str_mv	24
dc.relation.ispartofjournal.spa.fl_str_mv	Revista de Economía Institucional
dc.relation.references.spa.fl_str_mv	Ascari, G. y Sbordone, A. M. (2014). The macroeconomics of trend inflation. Journal of Economic Literature, 52(3), 679-739. Ball, L., Mankiw, N. G. y Romer, D. (1988). The New Keynesian Economics and the output-inflation trade-off. Brookings Papers on Economic Activity, 1, 1-65. Blinder, A. S., Canetti, E. R. et al. (1998). Asking about prices: A new approach to understanding price stickiness. Nueva York: Russell Sage Foundation. Blinder, A. S. y Rudd, J. B. (2013). The supply-shock explanation of the great stagflation revisited. En M. D. Bordo y A. Orphanides (eds.), The great inflation: The rebirth of modern central banking (pp. 119-175). Chicago: University of Chicago Press. Brown, M. (1980). The measurement of capital aggregates: A postreswitching problem. En D. Usher (ed.), The measurement of capital (pp. 377-420). Chicago: University of Chicago Press. Cagan, P. (1956). The monetary dynamics of hyperinflation. En M. Friedman (ed.), Studies in the quantity theory of money (pp. 25-117). Chicago: University of Chicago Press. Clarida, R., Galí, J. y Gertler, M. (2000). Monetary policy rules and macroeconomic stability: Evidence and some theory. Quarterly Journal of Economics, 115(1), 147-180. Coibion, O. y Gorodnichenko, Y. (2015). Is the Phillips Curve alive and well after all? Inflation expectations and the missing disinflation. American Economic Journal: Macroeconomics, 7(1), 197-232. Douty, H. M. (1975). Cost-of-living escalator clauses and inflation. Executive Office of the President, Council on Wage and Price Stability Staff Report. Washington, DC: U.S. Government Printing Office. Evans, C. L. (1994). The post-war U.S. Phillips Curve: A comment. Carnegie-Rochester Conference Series on Public Policy, 41, 221-230. Felipe, J. y Fisher, F. M. (2003). Aggregation in production functions: What applied economists should know. Metroeconomica, 54(2-3), 208-262. Fisher, F. M. (1983). Disequilibrium foundations of equilibrium economics. Cambridge: Cambridge University Press. Fisher, F. M. (1984). The misuse of accounting rates of return: Reply. American Economic Review, 74(3), 509-517. Friedman, M. (1968). The role of monetary policy. American Economic Review, 58(1), 1-17. Friedman, M. (1977). Nobel Lecture: Inflation and unemployment. Journal of Political Economy, 85(3), 451-472. Galbraith, J. K. (1958). The affluent society. Nueva York: Houghton Mifflin. Gordon, R. J. (1976). Recent developments in the theory of inflation and unemployment. Journal of Monetary Economics, 2(2), 185-219. Grandmont, J.-M. (1982). Money and value: A reconsideration of Classical and Neoclassical monetary theories. Cambridge: Cambridge University Press. Greenspan, A. (2002). Chairman’s remarks. Federal Reserve Bank of St. Louis Review, julio-agosto, 5-6. Hicks, J. R. (1946). Value and capital: An inquiry into some fundamental principles of economic theory, 2nd ed. Oxford: Oxford University Press. Hildenbrand, W. (1994). Market demand: Theory and empirical evidence. Princeton, NJ: Princeton University Press. Huo, Z. y Ríos-R., J. V. (2020). Sticky wage models and labor supply constraints. American Economic Journal: Macroeconomics, 12(3), 284-318. Kaufman, R. T. y Woglom, G. (1984). The effects of expectations on union wages. American Economic Review, 74(3), 418-432. King, R. G. y Watson, M. W. (1994). The post-war U.S. Phillips Curve: A revisionist econometric history. Carnegie-Rochester Conference Series on Public Policy, 41, 157-219. Lucas, R. E., Jr. (1972). Expectations and the neutrality of money. Journal of Economic Theory, 4(2), 103-124. Lucas, R. E., Jr. (1973). Some international evidence on output-inflation tradeoffs. American Economic Review, 63(3), 326-334. Lucas, R. E., Jr. (1981). Studies in business-cycle theory. Cambridge, MA: MIT Press. Lucas, R. E., Jr. y Rapping, L. A. (1969). Real wages, employment, and inflation. Journal of Political Economy, 77(5), 721-754. Mavroeidis, S., Plagborg-M., M. y Stock, J. H. (2014). Empirical evidence on inflation expectations in the New Keynesian Phillips Curve. Journal of Economic Literature, 52(1), 124-188. McCallum, B. T. (1976). Rational expectations and the natural rate hypothesis: Some consistent estimates. Econometrica, 44(1), 43-52. McCallum, B. T. (1994). Identification of inflation-unemployment tradeoffs in the 1970s: A comment. Carnegie-Rochester Conference Series on Public Policy, 41, 231-241. Orphanides, A. (2004). Monetary policy rules, macroeconomic stability, and inflation: A view from the trenches. Journal of Money, Credit and Banking, 36(2), 151-175. Peneva, E. V. (2019). Presentation at the Brookings Institution conference What’s (not) up with inflation? [https://www.brookings.edu/wp-content/uploads/2019/09/Ekaterina-Peneva.pdf ]. Peneva, E. V. y Rudd, J. B. (2017). The passthrough of labor costs to price inflation. Journal of Money, Credit and Banking, 49(8), 1777-1802. Phelps, E. S. (1967). Phillips curves, expectations of inflation and optimal unemployment over time. Economica, 34(135), 254-281. Rudd, J. B. (2020). Underlying inflation: Its measurement and significance. FEDS Notes 2020-09-18, Board of Governors of the Federal Reserve System. Rudd, J. y Whelan, K. (2005). New tests of the New-Keynesian Phillips Curve. Journal of Monetary Economics, 52(6), 1167-1181. Rudd, J. y Whelan, K. (2006). Can rational expectations sticky-price models explain inflation dynamics? American Economic Review, 96(1), 303-320. Shiller, R. J. (1997). Why Do people dislike inflation? En C, D. Romer y D. H. Romer (eds.), Reducing inflation: Motivation and strategy (pp. 13-65). Chicago: University of Chicago Press. Sims, C. A., y Zha, T. (2006). Were there regime switches in U.S. monetary policy? American Economic Review, 96(1), 54-81. Solow, R. M. (1979). What we know and don’t know about inflation. Technology Review, 81(3), 30-46. Stigler, G. J. (1982). The process and progress of economics. Nobel Memorial Lecture. Yellen, J. L. (2015). Inflation dynamics and monetary policy. Remarks delivered at the Philip Gamble Memorial Lecture, University of Massachusetts, Amherst, 24 de septiembre.
dc.rights.spa.fl_str_mv	Jeremy B. Rudd - 2022
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dc.publisher.spa.fl_str_mv	Universidad Externado de Colombia
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spelling	Rudd, Jeremy B.d06ee0ac-6cdf-4cf4-8b4d-0652787965893002022-07-01 14:04:062022-09-09T21:19:32Z2022-07-01 14:04:062022-09-09T21:19:32Z2022-07-01Los economistas y los diseñadores de política económica creen que las expectativas de los hogares y las empresas acerca de la inflación futura son un factor determinante de la inflación real. Un examen de la literatura teórica y empírica pertinente sugiere que esta creencia se basa en fundamentos poco sólidos y lleva a argumentar que adoptarla en forma acrítica puede conducir fácilmente a graves errores de política económica.Economists and economic policymakers believe that households’ and firms’ expectations of future inflation are a key determinant of real inflation. A review of the relevant theoretical and empirical literature suggests that this belief rests on unsound foundations and leads to the argument that adhering to it uncritically could easily result in serious policy errors.application/pdf10.18601/01245996.v24n47.102346-24500124-5996https://bdigital.uexternado.edu.co/handle/001/12304https://doi.org/10.18601/01245996.v24n47.10spaUniversidad Externado de Colombiahttps://revistas.uexternado.edu.co/index.php/ecoins/article/download/7966/11831Núm. 47 , Año 2022 : Julio-Diciembre2434721324Revista de Economía InstitucionalAscari, G. y Sbordone, A. M. (2014). The macroeconomics of trend inflation. Journal of Economic Literature, 52(3), 679-739. Ball, L., Mankiw, N. G. y Romer, D. (1988). The New Keynesian Economics and the output-inflation trade-off. Brookings Papers on Economic Activity, 1, 1-65. Blinder, A. S., Canetti, E. R. et al. (1998). Asking about prices: A new approach to understanding price stickiness. Nueva York: Russell Sage Foundation. Blinder, A. S. y Rudd, J. B. (2013). The supply-shock explanation of the great stagflation revisited. En M. D. Bordo y A. Orphanides (eds.), The great inflation: The rebirth of modern central banking (pp. 119-175). Chicago: University of Chicago Press. Brown, M. (1980). The measurement of capital aggregates: A postreswitching problem. En D. Usher (ed.), The measurement of capital (pp. 377-420). Chicago: University of Chicago Press. Cagan, P. (1956). The monetary dynamics of hyperinflation. En M. Friedman (ed.), Studies in the quantity theory of money (pp. 25-117). Chicago: University of Chicago Press. Clarida, R., Galí, J. y Gertler, M. (2000). Monetary policy rules and macroeconomic stability: Evidence and some theory. Quarterly Journal of Economics, 115(1), 147-180. Coibion, O. y Gorodnichenko, Y. (2015). Is the Phillips Curve alive and well after all? Inflation expectations and the missing disinflation. American Economic Journal: Macroeconomics, 7(1), 197-232. Douty, H. M. (1975). Cost-of-living escalator clauses and inflation. Executive Office of the President, Council on Wage and Price Stability Staff Report. Washington, DC: U.S. Government Printing Office. Evans, C. L. (1994). The post-war U.S. Phillips Curve: A comment. Carnegie-Rochester Conference Series on Public Policy, 41, 221-230. Felipe, J. y Fisher, F. M. (2003). Aggregation in production functions: What applied economists should know. Metroeconomica, 54(2-3), 208-262. Fisher, F. M. (1983). Disequilibrium foundations of equilibrium economics. Cambridge: Cambridge University Press. Fisher, F. M. (1984). The misuse of accounting rates of return: Reply. American Economic Review, 74(3), 509-517. Friedman, M. (1968). The role of monetary policy. American Economic Review, 58(1), 1-17. Friedman, M. (1977). Nobel Lecture: Inflation and unemployment. Journal of Political Economy, 85(3), 451-472. Galbraith, J. K. (1958). The affluent society. Nueva York: Houghton Mifflin. Gordon, R. J. (1976). Recent developments in the theory of inflation and unemployment. Journal of Monetary Economics, 2(2), 185-219. Grandmont, J.-M. (1982). Money and value: A reconsideration of Classical and Neoclassical monetary theories. Cambridge: Cambridge University Press. Greenspan, A. (2002). Chairman’s remarks. Federal Reserve Bank of St. Louis Review, julio-agosto, 5-6. Hicks, J. R. (1946). Value and capital: An inquiry into some fundamental principles of economic theory, 2nd ed. Oxford: Oxford University Press. Hildenbrand, W. (1994). Market demand: Theory and empirical evidence. Princeton, NJ: Princeton University Press. Huo, Z. y Ríos-R., J. V. (2020). Sticky wage models and labor supply constraints. American Economic Journal: Macroeconomics, 12(3), 284-318. Kaufman, R. T. y Woglom, G. (1984). The effects of expectations on union wages. American Economic Review, 74(3), 418-432. King, R. G. y Watson, M. W. (1994). The post-war U.S. Phillips Curve: A revisionist econometric history. Carnegie-Rochester Conference Series on Public Policy, 41, 157-219. Lucas, R. E., Jr. (1972). Expectations and the neutrality of money. Journal of Economic Theory, 4(2), 103-124. Lucas, R. E., Jr. (1973). Some international evidence on output-inflation tradeoffs. American Economic Review, 63(3), 326-334. Lucas, R. E., Jr. (1981). Studies in business-cycle theory. Cambridge, MA: MIT Press. Lucas, R. E., Jr. y Rapping, L. A. (1969). Real wages, employment, and inflation. Journal of Political Economy, 77(5), 721-754. Mavroeidis, S., Plagborg-M., M. y Stock, J. H. (2014). Empirical evidence on inflation expectations in the New Keynesian Phillips Curve. Journal of Economic Literature, 52(1), 124-188. McCallum, B. T. (1976). Rational expectations and the natural rate hypothesis: Some consistent estimates. Econometrica, 44(1), 43-52. McCallum, B. T. (1994). Identification of inflation-unemployment tradeoffs in the 1970s: A comment. Carnegie-Rochester Conference Series on Public Policy, 41, 231-241. Orphanides, A. (2004). Monetary policy rules, macroeconomic stability, and inflation: A view from the trenches. Journal of Money, Credit and Banking, 36(2), 151-175. Peneva, E. V. (2019). Presentation at the Brookings Institution conference What’s (not) up with inflation? [https://www.brookings.edu/wp-content/uploads/2019/09/Ekaterina-Peneva.pdf ]. Peneva, E. V. y Rudd, J. B. (2017). The passthrough of labor costs to price inflation. Journal of Money, Credit and Banking, 49(8), 1777-1802. Phelps, E. S. (1967). Phillips curves, expectations of inflation and optimal unemployment over time. Economica, 34(135), 254-281. Rudd, J. B. (2020). Underlying inflation: Its measurement and significance. FEDS Notes 2020-09-18, Board of Governors of the Federal Reserve System. Rudd, J. y Whelan, K. (2005). New tests of the New-Keynesian Phillips Curve. Journal of Monetary Economics, 52(6), 1167-1181. Rudd, J. y Whelan, K. (2006). Can rational expectations sticky-price models explain inflation dynamics? American Economic Review, 96(1), 303-320. Shiller, R. J. (1997). Why Do people dislike inflation? En C, D. Romer y D. H. Romer (eds.), Reducing inflation: Motivation and strategy (pp. 13-65). Chicago: University of Chicago Press. Sims, C. A., y Zha, T. (2006). Were there regime switches in U.S. monetary policy? American Economic Review, 96(1), 54-81. Solow, R. M. (1979). What we know and don’t know about inflation. Technology Review, 81(3), 30-46. Stigler, G. J. (1982). The process and progress of economics. Nobel Memorial Lecture. Yellen, J. L. (2015). Inflation dynamics and monetary policy. Remarks delivered at the Philip Gamble Memorial Lecture, University of Massachusetts, Amherst, 24 de septiembre.Jeremy B. Rudd - 2022info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.http://creativecommons.org/licenses/by-nc-sa/4.0https://revistas.uexternado.edu.co/index.php/ecoins/article/view/7966monetary policy, inflation, expectations, Phillips curve; unemployment, wagesE24, E31 E52, E58política monetaria, inflación, expectativas, curva de Phillips; desempleo, salariosE24, E31 E52, E58política monetária, inflação, expectativas, curva de Phillips; desemprego, saláriosE24, E31 E52, E58¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?)Why do we think that inflation expectations matter for inflation? (and should we?)Artículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articleJournal articlehttp://purl.org/redcol/resource_type/ARTREFinfo:eu-repo/semantics/publishedVersionPublicationOREORE.xmltext/xml2603https://bdigital.uexternado.edu.co/bitstreams/dc88af8c-e5e3-4c21-a29c-c4c733f244ca/download27c82315b1906df15a546dfc473263a9MD51001/12304oai:bdigital.uexternado.edu.co:001/123042023-08-14 15:25:51.534http://creativecommons.org/licenses/by-nc-sa/4.0Jeremy B. Rudd - 2022https://bdigital.uexternado.edu.coUniversidad Externado de Colombiametabiblioteca@metabiblioteca.org

¿Por qué pensamos que las expectativas de inflación son importantes para la inflación? (¿Y deberíamos pensarlo?)

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