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-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 …
Persistent link: https://www.econbiz.de/10011242402
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 …
Persistent link: https://www.econbiz.de/10010790401
This is the sixth of a series of papers that are being written as part of a project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this...
Persistent link: https://www.econbiz.de/10011242396
the analysis, and demonstrates how to decompose the output gap into contributions of observed data on output, inflation …, unemployment, and other variables. A simple bar-chart of contributing factors, in the case of multi-variable methods, sharpens the …
Persistent link: https://www.econbiz.de/10010790260
inflation, unemployment, government deficit, and GDP growth into a single indicator. In contrast to other indexes, the EPI does …
Persistent link: https://www.econbiz.de/10010990724
This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II...
Persistent link: https://www.econbiz.de/10005590857
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Persistent link: https://www.econbiz.de/10005591445
Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...
Persistent link: https://www.econbiz.de/10005767345
nation’s 2000-01 economic crisis. Higher growth could reduce unemployment and raise living standards toward European Union … levels. This paper reviews Turkey’s policy performance in terms of growth, inflation, debt, fiscal and financial sector …
Persistent link: https://www.econbiz.de/10005767368
relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes …, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of … inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation. …
Persistent link: https://www.econbiz.de/10005825999