UID:
almafu_9958080751202883
Umfang:
1 online resource (13 p.)
ISBN:
9781484300879
,
1484300874
,
9781484311066
,
148431106X
,
9781484355428
,
1484355423
Serie:
IMF Working Papers
Inhalt:
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.
Anmerkung:
Description based upon print version of record.
,
Cover; Contents; I. Introduction; II. Model and Estimation; A. Model; B. Data; C. Non-linear Kalman Filter with State Constraints; D. Estimation; III. Results; IV. Conclusion; References; Figures; Figure 1. Unemployment, Inflation, and Predictions; Figure 2: Estimated Parameters (+/- 1 std. dev); Figure 3: Decomposition of Inflation in the Great Recession
,
English
Weitere Ausg.:
ISBN 9781484334720
Weitere Ausg.:
ISBN 1484334728
Weitere Ausg.:
ISBN 9781299678026
Weitere Ausg.:
ISBN 1299678025
Sprache:
Englisch
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