Musso, Alberto (contributor); Stracca, Livio (contributor); … - 2007
allowed for. As a result of the structural change, the Phillips curve became flatter around a lower mean of inflation. Second …, butnotininflation persistenceoncethemean shiftis allowed
for. As a result of the structural change, the Phillips curve became flatter …-linearity,inparticularinrelationtotheoutputgap.
Keywords: Inflation, output gap, structural change, asymmetry, smooth
transitionmodel.
JEL Classification: E52,E58.
5
ECB …