Forward-looking component in consumers’ expectations and inflation forecast targeting:the case of six European economies

Are Consumers Forward-Looking?

This paper establishes a stylized fact: in a cross-section of American consumers, consumption is an extremely poor predictor of future income. The PSID now contains the majority of the lifetime income stream for an early cross-section of consumers. Under the assumption that consumption is a function of the expected present value of income, I invert this function and compare the realized present...

Inertia of Forward-Looking Expectations

Macroeconomic variables exhibit inertia. On the face of it, such inertia sits uncomfortably with the behavior of rational, forward-looking agents who form expectations on the basis of the best information available at the time. Christopher Sims (2003, sect. 8) offers a three-fold taxonomy of attempts to rationalize inertia. The first is the idea of Robert Lucas (1973) and Edmund Phelps (1970) t...

Looking forward to volume six

January 2010 sees the beginning of the sixth volume of the Beilstein Journal of Organic Chemistry. Launched in August 2005, BJOC became the first journal in the field of organic chemistry fully conforming to the open access model, and our first five years have been a time of fast growth and development. Fully supported by the Beilstein-Institut (we have no submission fees and no access charges)...

Consumers’ Inflation Expectations and Monetary Policy in Europe

the role of russia in transmission of energy from central asia and caucuses to european union

پس ازفروپاشی شوروی،رشد منابع نفت و گاز، آسیای میانه و قفقاز را در یک بازی ژئوپلتیکی انرژی قرار داده است. با در نظر گرفتن این منابع هیدروکربنی، این منطقه به یک میدانجنگ و رقابت تجاری برای بازی های ژئوپلتیکی قدرت های بزرگ جهانی تبدیل شده است. روسیه منطقه را به عنوان حیات خلوت خود تلقی نموده و علاقمند به حفظ حضورش می باشد تا همانند گذشته گاز طبیعی را به وسیله خط لوله مرکزی دریافت و به عنوان یک واس...