McDermott, C. John; Coe, David T. - International Monetary Fund (IMF) - 1996
There is considerable evidence from industrial countries that the output gap is an important determinant of inflation … inflation is related to the output gap, as well as to the money supply and the terms of trade. We conclude that the gap model …. We examine whether the gap model also works in developing, newly industrializing, and industrial Asian economies. Our …