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Neuere Erkenntnisse über Inflationserwartungen – Eine Systematik: Eine mikroökonomische Betrachtung des Erwartungsbildungs-prozesses und deren Konsequenzen auf die Geldpolitik

Author

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  • Kaiser Timo Pascal

    (Fachgebiet Volkswirtschaftslehre, Hochschule PforzheimPforzheimGermany)

Abstract

Many puzzles in macroeconomics can be solved by including subjective inflation expectations instead of other expectation concepts. These subjective expectations are not equivalent to Rational Expectations but there seem to be a coexistence of different expectation concepts at the same time. To explain this, expectation formation is described by a microeconomic process. Individuals maximize utility subject to cognitive restrictions and barriers by intaking information. Former concepts can be included in this scheme. Additionally former empirical findings fit in this theoretical frame. By using this theory conclusions for a regulatory framework can be described to reduce inflation expectation errors. Further research hypothesis can be derived from this to explain inflation expectations.

Suggested Citation

  • Kaiser Timo Pascal, 2020. "Neuere Erkenntnisse über Inflationserwartungen – Eine Systematik: Eine mikroökonomische Betrachtung des Erwartungsbildungs-prozesses und deren Konsequenzen auf die Geldpolitik," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 71(1), pages 211-244, April.
    • Handle: RePEc:bpj:ordojb:v:71:y:2020:i:1:p:211-244:n:34
    DOI: 10.1515/ordo-2021-0006
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