. In particular, the consequences of inflation having discrete breaks in mean, for example caused by supply shocks and the … dynamic inflation terms of the Phillips curve. We suggest a method to account for the breaks in mean and obtain meaningful and … example based on United States data that not taking account of breaks may lead to spuriously upwardly biased estimates of the …

This paper argues that because United States inflation has been nonstationary over the past 5 decades the body of … empirical research that proceeds assuming explicitly or implicitly that inflation is stationary with constant mean is largely … invalid. Using 50 years of US inflation data the standard results in the Phillips curve literature are shown to be due to …

particular, the consequences of inflation having discrete breaks in mean have not been studied adequately. We show by means of … therefore spurious estimates of Phillips curves. We suggest a method to account for the breaks in mean inflation and obtain … simulations and a detailed empirical example based on United States data that not taking account of breaks may lead to biased and …

‘Modern’ Phillips curve theories predict inflation is an integrated, or near integrated, process. However, inflation … shifting mean. If agents believe inflation is integrated as in the ‘modern’ theories then they are making systematic errors … concerning the statistical process of inflation. An alternative theory of the Phillips curve is developed that is consistent with …

. In particular, the consequences of inflation having discrete breaks in mean, for example caused by supply shocks and the … dynamic inflation terms of the Phillips curve. We suggest a method to account for the breaks in mean and obtain meaningful and … example based on United States data that not taking account of breaks may lead to spuriously upwardly biased estimates of the …

‘Modern’ Phillips curve theories predict inflation is an integrated, or near integrated, process. However, inflation … shifting mean. If agents believe inflation is integrated as in the ‘modern’ theories then they are making systematic errors … concerning the statistical process of inflation. An alternative theory of the Phillips curve is developed that is consistent with …

We analyze cross-household inflation dispersion in Europe using "fictitious" monthly inflation rates for several … to 2008. Our analysis is carried out on a panel of 23 up to 27 household-specific inflation rates per country for 15 … cross-country differences in inflation inequality with respect to the number of driving forces in the panel. In particular …

To which extent do equity and housing hedge against inflation? Despite an extensive literature, there is only little … horizon and period considered. Within one, five, and ten years housing hedges, at least partly, against inflation and the … to decrease with inflation in the post-war period. The hedge improves slightly with a longer time horizon and is perfect …

break analysis indicate that monetary policy shifts are the main factor behind breaks in UK inflation. The panel results …In this paper, we examine whether UK inflation is characterized by aggregation bias using three sets of increasingly … disaggregated inflation data and a battery of univariate and panel unit root tests. Our results support the existence of aggregation …

We find strong econometric support for a break in the relationship between perceived and HICP inflation in the euro …