Models of inflation. (English) Zbl 0908.90015

Pánková, Václava

Kybernetika 33, No. 6, 649-657 (1997).

Summary: A Phillips curve relating inflation and unemployment rates is a usual way how to study the development of inflation. Another approach is applied by modelling mutual influence between inflation and aggregate demand. Any observed relation among inflation and other factors should reflect the price expectations of firms and households which can be formalized by an adaptive or rational expectations hypothesis. A stabilization program is performed by the Czech Republic government by a control of the inflation by an aggregate demand. Respecting this fact an attempt is made here to model inflation with domestic data.

MSC:

91B28	Finance etc. (MSC2000)
91B62	Economic growth models

Keywords:

Phillips curve; inflation; aggregate demand

References:

[1]	R. Banerjee J. Dolado J. W. Galbraith, D. F. Hendry: Co-integration, Error-Correction and the Econometric Analysis of Non-stationary Data. Oxford University Press, Oxford 1993. · Zbl 0937.62650 · doi:10.1093/0198288107.001.0001
[2]	R. J. Barro: Unanticipated money growth and unemployment in the U.S.A. Amer. Economic Review 67 (1977), 549-580.
[3]	E. R. Berndt: The Practice of Econometrics. Addison-Wesley, New York 1991.
[4]	G. C. Chow: Econometrics. McGraw-Hill, Singapore 1988.
[5]	C. Dougherty: Introduction to Econometrics. Oxford University Press, Oxford 1992.
[6]	S. K. Ghosh: Econometrics. Prentice-Hall, New York 1991. · Zbl 0756.62043
[7]	R. Hušek: Econometric Models. SNTL, Praha 1987.
[8]	B. McCallum: Monetary Economics. MacMillan, New York 1989.
[9]	T. Mills: The Econometric Modelling of Financial Time Series. Cambridge University Press 1993. · Zbl 1145.62403
[10]	J. Sachs, F. Larrain: Macroeconomics. Prentice-Hall, New York 1993.
[11]	Statistické informace, ČSÚ.