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동의어 포함

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Title page 1

Contents 1

Abstract 2

1. Introduction 3

2. Model 6

2.1. Price-Setting Firms 6

2.2. Pricing Decision 8

2.3. Planning Decision 10

2.4. Learning about the Value Function 11

3. Analytical Results 12

3.1. Analytical Characterization of the Planning-Horizon Decision 13

3.2. When is the One-Stage Rule Optimal and Symmetric? 16

4. Calibration and Quantitative Results 18

4.1. Calibration and Model Variants 19

4.2. Forecast Predictability 22

4.3. Forecast Revisions and Inflation Uncertainty 23

4.4. Historical Movements in Inflation Uncertainty 26

5. Conclusion 28

References 29

Appendix 32

A. Derivation of Inflation Dynamics 32

B. Proofs of Propositions 39

C. Forecast Construction and CG Regressions 42

D. Model-Based Inflation Uncertainty 45

E. Empirical Inflation Uncertainty 46

Tables 19

Table 1. Model Variants, Planning Costs, and Aggregate-Supply Shocks 19

Table 2. Selected Moments Across Model Variants 26

Figures 17

Figure 1. Planning horizon and the trend-adjusted reference point 17

Figure 2. Planning horizon and planning costs 22

Figure 3. Inflation forecast predictability across models 23

Figure 4. Forecast revisions and inflation uncertainty in the data and model 25

Figure 5. Empirical and model-based measures of inflation uncertainty 27