dc.contributor.author | Claussen, Carl Andreas | |
dc.contributor.author | Staehr, Karsten | |
dc.date.accessioned | 2018-05-22T11:49:45Z | |
dc.date.available | 2018-05-22T11:49:45Z | |
dc.date.issued | 2001 | |
dc.identifier.isbn | 82-7553-178-0 | |
dc.identifier.issn | 1502-5780 | |
dc.identifier.uri | http://hdl.handle.net/11250/2498707 | |
dc.description.abstract | We study possible factors behind the subdued inflation in the United States since the mid-1990s. A standard expectations-augmented Phillips curve does not exhibit structural breaks. However, a wage-price spiral comprising wage growth, consumer price inflation and producer price inflation shows an otherwise unexplained downward shift in CPI inflation since the mid-1990s. We estimate this downward shift to be approximately 1 percentage point since 1994. The result emerges in spite of a large number of explanatory variables and seems to reflect deep structural changes of the economy. Counterfactual simulation of the wage-price spiral shows that the low level of U.S. inflation during the late 1990s stems from coincidental favourable shocks as well as factors that may reflect new economy developments. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;2/2001 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | JEL: C32 | nb_NO |
dc.subject | JEL: E31 | nb_NO |
dc.subject | JEL: E37 | nb_NO |
dc.subject | inflation | nb_NO |
dc.subject | wage-price spiral | nb_NO |
dc.subject | unemployment | nb_NO |
dc.subject | productivity | nb_NO |
dc.title | Explaining the Low US Inflation – Coincidence or “New Economy”? Evidence Based on a Wage-Price Spiral | nb_NO |
dc.type | Working paper | nb_NO |
dc.description.version | publishedVersion | nb_NO |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | nb_NO |
dc.source.pagenumber | 24 | nb_NO |