04588oam 22011294 450 991078869900332120230828235751.01-4623-5484-X1-4527-3399-61-283-51651-997866138289651-4519-8405-7(CKB)3360000000443822(EBL)3014396(SSID)ssj0000939959(PQKBManifestationID)11596389(PQKBTitleCode)TC0000939959(PQKBWorkID)10939162(PQKB)10179237(OCoLC)698585663(MiAaPQ)EBC3014396(IMF)WPIEE2006159(EXLCZ)99336000000044382220020129d2006 uf 0engur|n|---|||||txtccrU.S. Inflation Dynamics : What Drives Them Over Different Frequencies? /Ravi Balakrishnan, Sam OuliarisWashington, D.C. :International Monetary Fund,2006.1 online resource (27 p.)IMF Working Papers"June 2006".1-4518-6419-1 Includes bibliographical references.""Contents""; ""I. INTRODUCTION AND SUMMARY""; ""II. TRADITIONAL PHILLIPS CURVE ""; ""III. NEW KEYNESIAN PHILLIPS CURVE (NKPC)""; ""IV. CONCLUSIONS AND POLICY IMPLICATIONS""This paper aims to improve the understanding of U.S. inflation dynamics by separating out structural from cyclical effects using frequency domain techniques. Most empirical studies of inflation dynamics do not distinguish between secular and cyclical movements, and we show that such a distinction is critical. In particular, we study traditional Phillips curve (TPC) and new Keynesian Phillips curve (NKPC) models of inflation, and conclude that the long-run secular decline in inflation cannot be explained in terms of changes in external trade and global factor markets. These variables tend to impact inflation primarily over the business cycle. We infer that the secular decline in inflation may well reflect improved monetary policy credibility and, thus, maintaining low inflation in the long run is closely linked to anchored inflation expectations.IMF Working Papers; Working Paper ;No. 2006/159Inflation (Finance)United StatesFinanceUnited StatesExports and ImportsimfFinance: GeneralimfInflationimfMacroeconomicsimfProduction and Operations ManagementimfPrice LevelimfDeflationimfMacroeconomics: ProductionimfPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)imfEmpirical Studies of TradeimfGeneral Financial Markets: General (includes Measurement and Data)imfEconomic growthimfInternational economicsimfFinanceimfOutput gapimfBusiness cyclesimfTerms of tradeimfCompetitionimfPricesimfProductionimfEconomic theoryimfEconomic policyimfnternational cooperationimfUnited StatesimfInflation (Finance)FinanceExports and ImportsFinance: GeneralInflationMacroeconomicsProduction and Operations ManagementPrice LevelDeflationMacroeconomics: ProductionPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)Empirical Studies of TradeGeneral Financial Markets: General (includes Measurement and Data)Economic growthInternational economicsFinanceOutput gapBusiness cyclesTerms of tradeCompetitionPricesProductionEconomic theoryEconomic policynternational cooperationBalakrishnan Ravi1462131Ouliaris Sam1464135DcWaIMFBOOK9910788699003321U.S. Inflation Dynamics3673698UNINA