conditions, characterized by higher and more stable real per-capita growth rates, and lower and more stable inflation. This paper … complemented by better exchange rate management (resulting in lower exchange rate and inflation volatility) and more fiscal …

regards the possibility of a time-varying mean of inflation. Moreover, we conduct a sensitivity analysis across different … of the Phillips curve occurring in the early to mid 1980s, but not in inflation persistence once the mean shift is … allowed for. As a result of the structural change, the Phillips curve became flatter around a lower mean of inflation. Second …