inflation are co-breaking. We argue that the step-like development of inflation is in line with shocks and monetary policy that …% inflation was accomplished by introducing an inflation targeting regime …

Ever since the end of the Great Recession, the U.S. economy has experienced a period of mild inflation, which … contradicts with the output-inflation relationship depicted by a traditional Phillips curve. This paper examines how the permanent … output loss during the Great Recession has affected the ability of the Phillips curve to explain U.S. inflation dynamics. We …

We estimate an empirical model of inflation that exploits a Phillips curve relationship between a measure of … unemployment and a subaggregate measure of inflation (services). We generate an aggregate inflation forecast from forecasts of the … statistics for models that exploit relationships between services inflation and the unemployment rate. In addition, models of …

I make inferences about complicated patterns of structural breaks in inflation dynamics. I extend Chib's (1998 … breaks are modeled as abrupt changes to identify potential regime shifts in economic structure such as a long-run inflation … variance to undergo mutually independent structural breaks at different dates with the different number of breaks. Structural …

We estimate the New Keynesian Phillips Curve for the USA from 1997 to 2019 using expected inflation from financial … instruments. We use a spliced series comprised of the TIPS spread and inflation swaps. Empirical tests find higher coefficients on … backward-looking inflation than forward-looking, except for the 2009 – 2015 period of zero lower bound Fed Funds rate target …

This paper studies factors behind inflation dynamics in the euro area, the UK and the US. It introduces a factor … inflation in the three economies. The FAVAR model framework is also applied to study the effects on inflation subcomponents in … the more recent past. The FAVAR models suggest that headline inflation in the three economies has reacted in a relatively …

economies. In the environment of low inflation, the fading relationship between the price dynamics and the adjustments in the … hybrid NKPC parameters. The results advocate that a statistically significant relationship between inflation and the domestic … flatten as the inflation's sensitivity with respect to changes in economic slack diminishes. That notwithstanding, the impact …

Building on the results in Nalewaik (FEDS 2015-93), this work models wage growth and core PCE price inflation as regime … price inflation that becomes much larger after labor markets tighten beyond a certain point. The results are informative for … assessing the likelihood and risks of meeting certain inflation targets on a sustained basis …

This study investigates asymmetry in the impact of domestic inflation drivers in the Baltic States, focusing on the … affect the inflation rate by employing a nonlinear autoregressive distributed lag approach (NARDL) and the Phillips curve …. Empirical results demonstrate the long-run asymmetry as inflation in Estonia and Lithuania responds more significantly to …