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来源类型Working Paper
规范类型报告
DOI10.3386/w26450
来源IDWorking Paper 26450
A Phillips Curve for the Euro Area
Laurence M. Ball; Sandeep Mazumder
发表日期2019-11-11
出版年2019
语种英语
摘要This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A critical feature of the analysis is that we measure core inflation with the weighted median of industry inflation rates, which is less volatile than the common measure of inflation excluding food and energy prices. We find that fluctuations in core inflation since the creation of the euro are well explained by three factors: expected inflation (as measured by surveys of forecasters); the output gap (as measured by the OECD); and the pass-through of movements in headline inflation. Our specification resolves the puzzle of a “missing disinflation” after the Great Recession, and it diminishes the puzzle of a “missing inflation” during the recent economic recovery.
主题Macroeconomics ; Business Cycles
URLhttps://www.nber.org/papers/w26450
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/584121
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GB/T 7714
Laurence M. Ball,Sandeep Mazumder. A Phillips Curve for the Euro Area. 2019.
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