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realistic parameter values, the model generates a blip in inflation of the same magnitude observed in the data"--Federal Reserve … Bank of New York web site …
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involving U.S. inflation and GDP growth. Empirical results suggest that the number of change points is larger than previously …"--Federal Reserve Bank of New York web site …
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exchange rates have a modest effect on domestic price inflation while import prices have a stronger effect. Pass-through is … the model using post-1982 data has little effect on these conclusions"--Federal Reserve Bank of New York web site …
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