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Precursors of the P-star model

Author

Listed:
  • Thomas M. Humphrey

Abstract

The Federal Reserve Boards P-Star inflation forecasting model predicts changes in inflation from the gap between actual and equilibrium prices. The model has a distinguished history. Quantity theorists from David Hume to Milton Friedman have long used versions of it to explain how money stock changes determine price level changes with a lag.

Suggested Citation

  • Thomas M. Humphrey, 1989. "Precursors of the P-star model," Economic Review, Federal Reserve Bank of Richmond, vol. 75(Jul), pages 3-9.
    • Handle: RePEc:fip:fedrer:y:1989:i:jul:p:3-9:n:v.75no.4
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    Citations

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    Cited by:

    1. J.M. Groeneveld & K.G. Koedijk & C.J.M. Kool, 1997. "Money, prices and the transition to EMU," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 50(203), pages 481-504.
    2. Robert Darin & Robert L. Hetzel, 1994. "A shift-adjusted M2 indicator for monetary policy," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 25-48.
    3. John A. Tatom, 1990. "The P-star approach to the link between money and prices," Working Papers 1990-008, Federal Reserve Bank of St. Louis.
    4. Scheide, Joachim & Trabandt, Mathias, 2000. "Predicting inflation in Euroland: the Pstar approach," Kiel Working Papers 1019, Kiel Institute for the World Economy (IfW Kiel).
    5. David Cronin, 2022. "Inflation Shocks – Do Monetary Variables Matter?," Economic Papers, The Economic Society of Australia, vol. 41(2), pages 182-188, June.

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