摘要: Empirical studies find that the link between inflation and economic slack has weakened in recent decades, a development could hamper monetary policymakers as they aim to achieve their objective. We show while role of diminished, growth become significant driver dynamics, indicating activity remains but relevant gauge changed. The new evidence suggests COVID-19-related recession induce substantial disinflationary pressure.
fedinprint.org参考文章(14)
LUCA BENATI, The Time‐Varying Phillips Correlation Journal of Money, Credit and Banking. ,vol. 39, pp. 1275- 1283 ,(2007) , 10.1111/J.1538-4616.2007.00066.X
Troy Matheson, Emil Stavrev, The Great Recession and the inflation puzzle Economics Letters. ,vol. 120, pp. 468- 472 ,(2013) , 10.1016/J.ECONLET.2013.06.001
Athanasios Orphanides, Simon Van Norden, The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time Journal of Money, Credit and Banking. ,vol. 37, pp. 583- 601 ,(2004) , 10.1353/MCB.2005.0033
Michael Woodford, Interest and Prices: Foundations of a Theory of Monetary Policy ,(2003)
Jeff Fuhrer, Expectations as a source of macroeconomic persistence: Evidence from survey expectations in a dynamic macro model Journal of Monetary Economics. ,vol. 86, pp. 22- 35 ,(2017) , 10.1016/J.JMONECO.2016.12.003
Yasuo Hirose, Takushi Kurozumi, Willem Van Zandweghe, Monetary policy and macroeconomic stability revisited Review of Economic Dynamics. ,vol. 37, pp. 255- 274 ,(2017) , 10.1016/J.RED.2020.03.001
Michael McLeay, Silvana Tenreyro, Optimal Inflation and the Identification of the Phillips Curve Nber Macroeconomics Annual. ,vol. 34, pp. 199- 255 ,(2020) , 10.3386/W25892
Filippo Occhino, The Flattening of the Phillips Curve: Policy Implications Depend on the Cause Economic commentary. pp. 1- 7 ,(2019) , 10.26509/FRBC-EC-201911
Marco Del Negro, Michele Lenza, Giorgio Primiceri, Andrea Tambalotti, What’s up with the Phillips Curve? National Bureau of Economic Research. ,vol. 2020, pp. 301- 373 ,(2020) , 10.3386/W27003
James Stock, Mark Watson, Modeling Inflation After the Crisis National Bureau of Economic Research. pp. 173- 220 ,(2010) , 10.3386/W16488