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Asymmetric Effects of Economic Activityon Inflation
Mr.Douglas LaxtonMr.Guy MeredithDavid Rose
其他書名
Evidence and Policy Implications
出版International Monetary Fund, 1994-11-01
主題Business & Economics / InflationBusiness & Economics / Production & Operations ManagementBusiness & Economics / Banks & Banking
ISBN14519293589781451929355
URLhttp://books.google.com.hk/books?id=SogYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper examines the evidence on asymmetries in the effects of activity on inflation. Data for the G-7 countries are found to strongly support the view that the inflation-activity relationship is nonlinear, with high levels of activity raising inflation by more than low levels decrease it. In the face of such asymmetries, the average level of output in an economy subject to demand shocks will be below the level of output at which there is no tendency for inflation to rise or fall, contrary to the implications of linear models. One implication of these results is that policymakers can raise the average level of output over time by responding promptly to demand shocks, thus reducing the variance of output around trend.