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This paper estimates the effects of oil price changes on U.S. inflation in a Phillips curve framework, allowing for … of oil price shocks. It finds that since around 1980, oil price changes seem to affect inflation only through their … substantially to core inflation. This structural-break characterization appears robust to a variety of respecifications, and to fit …
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Using quarterly time-series data for a sample of twelve industrial countries, the paper investigates the dynamics of nominal wage and price adjustments in the face of aggregate demand shocks. The evidence illustrates patterns of the wage-price spiral and accompanying fluctuations. During...
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