The Great Recession and the Inflation Puzzle

Released on by Mr.Troy Matheson
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  • The Great Recession and the Inflation Puzzle Book Detail

  • Author : Mr.Troy Matheson
  • Release Date : 2013-05-22
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 12
  • ISBN 13 : 1484334728
  • File Size : 26,26 MB
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The Great Recession and the Inflation Puzzle by Mr.Troy Matheson PDF Summary

Book Description: 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.

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