using money growth targets until 1999. Since 2000, when a new policy framework was introduced that focuses on an inflation … growth impacts on inflation. M2, however, matters only if the downward shift in nominal interest rates over the sample is …

onwards as an indicator variable. Since the new policy framework focusses on an inflation forecast, the question arises how … proposed by Gerlach (2004) for the euro area that integrates money growth in an inflation forecasting equation. This "two …-pillar" Phillips curve suggests that the low-frequency component of money growth, alongside current inflation and the output gap, helps …

onwards as an indicator variable. Since the new policy framework focusses on an inflation forecast, the question arises how … proposed by Gerlach (2004) for the euro area that integrates money growth in an inflation forecasting equation. This "two …-pillar" Phillips curve suggests that the low-frequency component of money growth, alongside current inflation and the output gap, helps …

In a recent paper, Atkeson and Kehoe (2004) demonstrated the lack of a robust empirical relationship between inflation … relationship by allowing for inflation and growth to have a nonlinear specification dependent on inflation levels. In particular …, we allow for the possibility that high inflation is negatively correlated with growth, while a positive relationship …

revisit claims in the literature that money growth is Granger-causal for inflation at low frequencies. Applying frequency …-specific tests in a comprehensive system setup for euro-area data we consider various theoretical predictors of inflation. A general … Granger-causal for low-frequency inflation movements, and all variables affect money growth. We therefore interpret opposite …

This paper provides a fresh new insight into the dynamic relationship between money growth and inflation in China by … growth and inflation in the mid-1990s and the period since the early 2000s. Especially since the early 2000s, China …'s monetary policy has achieved much better performance in terms of inflation management compared to previous years. From a …

This paper reexamines the Phillips and Beveridge curves to explain the inflation surge in the U.S. during the 2020s. We … five other inflation surges over the past 111 years where the Beveridge threshold was breached. We define a Beveridge …

Ireland and Switzerland both had rising inflation during the early 1970s, but their experiences diverged thereafter, so … that they form a rare example of two countries whose inflation rates are poorly correlated with one another over the Great … Inflation period. In addition, each of the two countries' records is anomalous in important respects relative to other economies …

.S. inflation. We examine the overall performance of Phillips curves relative to some well-known benchmarks, the efficiency with … which the Federal Reserve's Greenbook forecasts of inflation use real activity information, and shifts in the key … determinants of the reduced-form 'triangle model' of inflation. We develop a structural model-based interpretation of observed …

The New Keynesian Phillips Curve (NKPC), driven by unit labor costs has been criticized for failing to match inflation … inflation and strengthen the empirical support for the role of expectations-based inflation persistence. They also imply a …