U.S. Inflation Dynamics : : What Drives Them Over Different Frequencies? / / Ravi Balakrishnan, Sam Ouliaris

• Autore: Balakrishnan Ravi
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Descrizione fisica: 1 online resource (27 p.)
• Soggetto topico: Inflation (Finance) - United States; Finance - United States; Exports and Imports; Finance: General; Inflation; Macroeconomics; Production and Operations Management; Price Level; Deflation; Macroeconomics: Production; Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data); Empirical Studies of Trade; General Financial Markets: General (includes Measurement and Data); Economic growth; International economics; Finance; Output gap; Business cycles; Terms of trade; Competition; Prices; Production; Economic theory; Economic policy; nternational cooperation
• Soggetto geografico: United States
• Altri autori: OuliarisSam
• Note generali: "June 2006".
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION AND SUMMARY""; ""II. TRADITIONAL PHILLIPS CURVE ""; ""III. NEW KEYNESIAN PHILLIPS CURVE (NKPC)""; ""IV. CONCLUSIONS AND POLICY IMPLICATIONS""
• Sommario/riassunto: 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.
• Titolo autorizzato: U.S. Inflation Dynamics
• ISBN: 1-4623-5484-X; 1-4527-3399-6; 1-283-51651-9; 9786613828965; 1-4519-8405-7
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788699003321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/159