Balakrishnan, Ravi; Ouliaris, Sam - International Monetary Fund (IMF) - 2006
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 …) and new Keynesian Phillips curve (NKPC) models of inflation, and conclude that the long-run secular decline in inflation …