Groen, Jan J. J. (contributor); Mumtaz, Haroon (contributor) - 2008
The reduced-form correlation between inflation and measures of real activity has changed substantially for the main … developed economies over the post-WWII period. In this paper we attempt to describe the observed inflation dynamics in the … log-linearised around different, non-zero, steady-state inflation levels. In doing this, we follow a two-step estimation …