TY  - BOOK
AU  - Pecchenino,R.A.
AU  - Rasche,Robert H.
ED  - National Bureau of Economic Research.
TI  - P* Type Models: Evaluation and Forecasts 
T2  - NBER working paper series
PY  - 1990///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - August 1990; Hardcopy version available to institutional subscribers
N2  - This paper critically evaluates the Federal Reserve's p* model of inflation, and develops a model of national income determination implicit in the p* formulation. We use this model to forecast the future paths of key macroeconomic variables and investigate its behavior under a variety of deterministic monetary policy rules. These forecasts and policy simulations suggest a dynamic economic behavior inconsistent with stylized facts, and lead us to question the underlying structure of the p* formulation
UR  - https://www.nber.org/papers/w3406
UR  - http://dx.doi.org/10.3386/w3406
ER  -