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price changes to fundamental economic shocks. We use the estimates of the pure inflation and aggregate relative-price … are they related to conventional measures of monetary policy and relative-price shocks? We find that pure inflation … accounts for 15-20% of the variability in inflation while our aggregate relative-price index accounts most of the rest …
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changes to fundamental economic shocks. We use the estimates of the pure inflation and aggregate relative-price components to … related to conventional measures of monetary policy and relative-price shocks? We find that pure inflation accounts for 15 …-20% of the variability in inflation while our aggregate relative-price index accounts most of the rest. Conventional measures …
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Phillips curve. The paper demonstrates in a formal and rigorous manner why there is no trade-off between price inflation and …
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