Caballero, Ricardo J.; Engel, Eduardo M. R. A. - 2021
decreases with core inflation and varies non-monotonically with aggregate uncertainty, (ii) there is an asymmetry in the … response of output to aggregate demand expansions and contractions, which increases with core inflation and decreases with … data from 37 moderate-low inflation countries for the period 1960-1982, we find support for the basic implications of the …