HETEROGENEOUS OR HOMOGENEOUS INFLATION EXPECTATION FORMATION MODELS: A CASE STUDY OF CHINESE HOUSEHOLDS AND FINANCIAL PARTICIPANTS
作者:Xu, YY(Xu, Yingying);Liu, ZX(Liu, Zhixin);Zhang, X(Zhang, Xing)
SINGAPORE ECONOMIC REVIEW
DOI:10.1142/S0217590817400306
出版年:SEP 2017
This paper attempts to identify whether the inflation expectation formation models adopted by Chinese agents are heterogeneous or homogeneous. A Gaussian mixture model is developed assuming that agents form inflation expectations by selecting a model from alternatives. Analysis results reveal that only adaptive expectation (AE) model is significant, indicating that both households and financial participants are fairly homogeneous in selecting inflation expectation formation models. Therefore, the mechanism of heterogeneous models is inoperative in explaining the heterogeneous inflation expectations in China, and the AE is the main driver of Chinese agents' perceptions about cost.
WORLD SCIENTIFIC PUBL CO PTE LTD, 5 TOH TUCK LINK, SINGAPORE 596224, SINGAPORE
研究方向:Business & Economics
Web of Science 类别:Economics
语种:English
入藏号:WOS:000411464700007
ISSN:0217-5908
eISSN:1793-6837
