In a recent paper, Atkeson and Kehoe (2004) demonstrated the lack of a robust empirical relationship between inflation … relationship by allowing for inflation and growth to have a nonlinear specification dependent on inflation levels. In particular …, we allow for the possibility that high inflation is negatively correlated with growth, while a positive relationship …

This brief examines two issues of current interest concerning inflation: (1) whether "well-anchored" expectations will … help to restrain inflation's decline and whether an "un-anchoring" of expectations could lead to undesirably high inflation … and (2) to what extent output (or utilization) gaps are useful components of empirical models of inflation and, if they …

(IMF) failed to predict the inflation surge during 2021-2023. The output gap, the unemployment gap, the New Keynesian … Phillips curve and inflation expectations did not give timely and relevant signals. The re-emergence of inflation thus threw … sudden acceleration of inflation post factum. This paper critically reviews the theoretical and empirical merits of three …

monetary and fiscal policy exert greater impact on real GDP and inflation in Nigeria. Overall, it is evident that the impact of …