Cukierman, Alex (contributor); Gerlach, Stefan (contributor) - 2002 - [Elektronische Ressource]
1
The Inflation Bias Revisited: Theory and Some
International Evidence
Alex Cukierman and Stefan Gerlach
∗
November, 18 … about the realism of this theory of the inflation bias. McCallum (1995) argues that
since they understand the futility of … shocks to output should have, on average, higher rates of inflation. The
paper tests this implication of the theory using …