Boston Fed on expectations, output and inflation
The low levels of real marginal cost observed at present dampen inflationary pressures even when the public has a clear understanding and is confident on central banks' specific inflation targets, research published by the Boston Federal Reserve on Tuesday finds.
In structural models of inflation that highlight the importance of expectations and monetary policy, marginal cost, which acts as the main driver of inflation in these models, exerts downward pressure on inflation, even where
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