that this may have contributed to more elastic aggregate supply in recent years, which is consistent with lower inflation …

This paper examines the recent behavior of core inflation in the United States. We specify a simple Phillips curve … based on the assumptions that inflation expectations are fully anchored at the Federal Reserve’s target, and that labor …-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including …

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years … unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an … augmented Phillips Curve framework, we find that this phenomenon-sometimes attributed to low global inflation-has been primarily … caused by a remarkable persistence of inflation, keeping it low despite the reduction in slack. This feature is shown to be …

We study inflation dynamics in Colombia using a bottom-up Phillips curve approach. This allows us to capture the … different drivers of individual inflation components. We find that the Phillips curve is relatively flat in Colombia but steeper … dynamics are important for non-tradable goods. We show that besides allowing for a more detailed understanding of inflation …

Inflation dynamics, as well as its interaction with unemployment, have been puzzling since the Global Financial Crisis … forecast scenarios. We show that financial and external variables have the highest forecasting power for inflation and …

variability over a prolonged period of time, against a background of high inflation. Convergence toward international relative and …

This paper examines inflation dynamics in the United States since 1960, with a particular focus on the Great Recession …. A puzzle emerges when Phillips curves estimated over 1960-2007 are ussed to predice inflation over 2008-2010: inflation … by theories of costly price adjustment: we measure core inflation with the median CPI inflation rate, and we allow the …