system development, sovereign debt vulnerabilities, and ways to sustain progress in reducing inflation by strengthening the …

Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account …

capita GDP and inflation have positive effects on pass-through, while market volatility has a negative effect. Among …

This Selected Issues paper for South Africa presents a quantitative analysis of inflation dynamics in the country. The … inflation. Exposed to exchange rate and other shocks, the model confirms that a delayed policy response to inflation shocks … leads to persistently higher inflation rates and, subsequently, to a sharp real contraction of the economy. …

inflation-unemployment process. The results provide some evidence in favor of the Lucas critique by showing that the short …-run unemployment-inflation trade-off tends to improve in countries that are successful in providing low and stable inflation. …

Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been … remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s … observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the …

-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including … the failure of high total unemployment since 2008 to reduce inflation greatly. The fit of our equation is especially good … general Phillips curve in which core inflation depends on short-term unemployment and on expected inflation as measured by the …