TY  - BOOK
AU  - Matheson,Troy D.
AU  - Stavrev,Emil
TI  - The Great Recession and the Inflation Puzzle
T2  - IMF Working Papers; Working Paper
SN  - 1484334728 :
SN  - 1018-5941
PY  - 2013///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Forecasting and Other Model Applications
KW  - imf
KW  - Forecasting and Simulation
KW  - Inflation Dynamics
KW  - Monetary Fund
KW  - Phillips Curve
KW  - Price Inflation
KW  - United States
N2  - Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s. Using a non-linear Kalman filter that allows for time-varying parameters, we find that three factors have contributed to the observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the Phillips curve has flattened; and the importance of import-price inflation has increased
UR  - http://elibrary.imf.org/view/IMF001/20508-9781484334720/20508-9781484334720/20508-9781484334720.xml
UR  - http://www.imfbookstore.org/IMFORG/9781484334720
ER  -