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
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (27 p.)
• Soggetto topico: Inflation (Finance) - United States; Finance - United States; Business cycles; Competition; Deflation; Economic growth; Economic policy; Economic theory; Empirical Studies of Trade; Exports and Imports; Finance; Finance: General; General Financial Markets: General (includes Measurement and Data); Inflation; International economics; Macroeconomics; Macroeconomics: Production; Nternational cooperation; Output gap; Price Level; Prices; Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data); Production and Operations Management; Production; Terms of trade
• 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.: 9910817595703321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/159