Showing 1 - 10 of 7,994
autoregressive model for the inflation rate. By construction, our approach avoids a number of problems related to the GMM estimation … of the NKPC. We estimate the hybrid NKPC with quarterly U.S. data (1955:1–2010:3), and both expected future inflation and … lagged inflation are found important in determining the inflation rate, with the former clearly dominating. Moreover …
Persistent link: https://www.econbiz.de/10010608456
Persistent link: https://www.econbiz.de/10014288359
15 years. Controlling for the most important other factors influencing the inflation rate, we estimate cointegrations and …
Persistent link: https://www.econbiz.de/10011133384
‘Modern’ Phillips curve theories predict inflation is an integrated, or near integrated, process. However, inflation … shifting mean. If agents believe inflation is integrated as in the ‘modern’ theories then they are making systematic errors … concerning the statistical process of inflation. An alternative theory of the Phillips curve is developed that is consistent with …
Persistent link: https://www.econbiz.de/10010617304
Phillips curve, the sumof coefficients associated with expected inflation is far below unity, whatever measure of expected … inflation rates is employed. Therefore, either the NAIRU concept is not applicable to Germany or, as it is our suggestion, one … estimates the unemployment rate that is compatible with a tolerable inflation rate of say 2 percent following roughly the …
Persistent link: https://www.econbiz.de/10008596551
Building on the results in Nalewaik (FEDS 2015-93), this work models wage growth and core PCE price inflation as regime … price inflation that becomes much larger after labor markets tighten beyond a certain point. The results are informative for … assessing the likelihood and risks of meeting certain inflation targets on a sustained basis …
Persistent link: https://www.econbiz.de/10011578735
A statistically significant relationship between the unemployment gap and inflation can be found for a clear majority … slack on inflation can often be dominated by other shocks, including imported inflation. The current Secretariat Phillips … curve specification assumes inflation expectations are anchored at the central bank’s target, although some experimentation …
Persistent link: https://www.econbiz.de/10012202854
This paper examines the relationship between the output gap and inflation in Japan by estimating Phillips curves and … testing for changes since the advent of low inflation and/or the stabilisation of the rate of change of inflation. The work … provides empirical support for the hypothesis of a change in the relationship between output and inflation in an environment of …
Persistent link: https://www.econbiz.de/10012444474
Persistent link: https://www.econbiz.de/10012242165
Persistent link: https://www.econbiz.de/10011642907