Inflation persistence, inflation targeting and the Great Moderation

There is growing evidence that the empirical Phillips curve within the US has changed significantly since the early 1980’s. In particular, inflation persistence has declined sharply. The paper demonstrates that this decline is consistent with a standard Dynamic New Keynesian (DNK) model in which: (i) the variability of technology shocks has declined, and (ii) the central bank more aggressively responds to inflation.

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Year of publication:	2007
Authors:	Carlstrom, Charles T. ; Fuerst, Timothy S. ; Paustian, Matthius
Institutions:	Federal Reserve Bank of Cleveland
Subject:	Inflation (Finance) \| Phillips curve \| Inflation targeting

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Extent:	application/pdf
Series:	Working Paper.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 0721
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005526610