| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26450 |
| 来源ID | Working Paper 26450 |
| A Phillips Curve for the Euro Area | |
| Laurence M. Ball; Sandeep Mazumder | |
| 发表日期 | 2019-11-11 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A critical feature of the analysis is that we measure core inflation with the weighted median of industry inflation rates, which is less volatile than the common measure of inflation excluding food and energy prices. We find that fluctuations in core inflation since the creation of the euro are well explained by three factors: expected inflation (as measured by surveys of forecasters); the output gap (as measured by the OECD); and the pass-through of movements in headline inflation. Our specification resolves the puzzle of a “missing disinflation” after the Great Recession, and it diminishes the puzzle of a “missing inflation” during the recent economic recovery. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w26450 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584121 |
| 推荐引用方式 GB/T 7714 | Laurence M. Ball,Sandeep Mazumder. A Phillips Curve for the Euro Area. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26450.pdf（249KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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