"This article examines whether episode-specific analysis can show a negative relationship between inflation and the slope of the Phillips curve that has been found in cross-country analysis. While the relationship between inflation and the Phillips curve slope is widely accepted from...

This study analyzes the policy parameters in a Taylor monetary policy reaction function and a Phillips curve equation to determine the variability of inflation and output. The theoretical and empirical investigations yield two key results. First, countries with large parameters in the monetary...

This paper considers a possible explanation for the asymmetric effects of money supply shocks. Based on a sticky price theory, I derive the following two predictions: first, the relationship between trend inflation and the degree of asymmetry is not simply monotonic, instead, increases in...