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The Great Recession and the Inflation Puzzle
Mr.Troy MathesonMr.Emil Stavrev
出版International Monetary Fund, 2013-05-22
主題Business & Economics / InflationBusiness & Economics / Labor / GeneralBusiness & Economics / Economics / Macroeconomics
ISBN148431106X9781484311066
URLhttp://books.google.com.hk/books?id=ovroAkjSiwYC&hl=&source=gbs_api
EBookSAMPLE
註釋Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s. Using a non-linear Kalman filter that allows for time-varying parameters, we find that three factors have contributed to the observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the Phillips curve has flattened; and the importance of import-price inflation has increased.