Which Nonlinearity in the Phillips Curve ?

@inproceedings{Veirman2007WhichNI,
  title={Which Nonlinearity in the Phillips Curve ?},
  author={Emmanuel De Veirman and Yasuo Hirose and Michael Kiley and Takeshi Kudo and Kenneth Kuttner and Douglas Laxton and Adrian R. Pagan and Erwan Quintin and John Roberts and Jirka Slacalek and Tsutomu Watanabe and I. Yamamoto and Naoyuki Yoshino},
  year={2007}
}
It is standard to model the output-inflation trade-off as a linear relationship with a time-invariant slope. We assess empirical evidence for three types of nonlinearity in the short-run Phillips curve. At an empirical level, we aim to discover why large negative output gaps in Japan during the period 1998-2002 did not lead to accelerating deflation, but instead coincided with stable, be it moderately negative inflation. We document that this episode is most convincingly interpreted as… CONTINUE READING

References

Publications referenced by this paper.
Showing 1-10 of 38 references

The Macroeconomics of Low Inflation

2007
View 10 Excerpts
Highly Influenced

Endogenous Time-Dependent Rules and Inflation Inertia.

Bonomo, Marco, Carlos Carvalho
Journal of Money, Credit, and Banking • 2004
View 4 Excerpts
Highly Influenced

Where Are We Going? The Output Gap and Potential Growth.

Bayoumi, Tamim
2000
View 6 Excerpts
Highly Influenced

What Determines the Sacrifice Ratio?

Ball, Laurence
In Monetary Policy, • 1994
View 7 Excerpts
Highly Influenced

Several Tests for Model Specification in the Presence of Alternative Hypotheses.

Davidson, Russell, James G. MacKinnon
1981
View 4 Excerpts
Highly Influenced

Inflation and output dynamics with state-dependent pricing decisions

Ariel T. Bursteina
2005
View 4 Excerpts
Highly Influenced

Aggregate Dynamics of Inflation and Real Activity with Firm-Level Productivity Shocks.

Dotsey, Michael, Robert G. King, Alexander L. Wolman
2007
View 2 Excerpts

Similar Papers

Loading similar papers…