Beechey, Meredith Jane; Österholm, Pär - 2007
desirable degree of output volatility,
particularly when output losses are needed to ofiset in ationary cost-push shocks. Third … facts of the falling level and volatility of in ation during the last two
decades. Modelling the in ation process with … coincides with the lower level and volatility of in ation toward the end of our sample.
Our flndings are consistent with the …