Showing 1 - 2 of 2
predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and procyclical wages after …
Persistent link: https://www.econbiz.de/10011653639
We show that the impact of supply and monetary policy shocks on consumer prices is state-dependent. First, we let the data determine two inflation regimes and find that they are characterized by high and low inflation volatility. We then identify upstream supply shocks using instrumental...
Persistent link: https://www.econbiz.de/10014444690