dc.contributor.author | Ascari, Guido | |
dc.contributor.author | Fosso, Luca | |
dc.date.accessioned | 2021-12-28T07:49:00Z | |
dc.date.available | 2021-12-28T07:49:00Z | |
dc.date.issued | 2021 | |
dc.identifier.isbn | 978-82-8379-216-4 | |
dc.identifier.issn | 1502-8190 | |
dc.identifier.uri | https://hdl.handle.net/11250/2835494 | |
dc.description.abstract | Since 2000 U.S. inflation has remained both below target and silent to domestic slack and monetary interventions. A trend-cycle BVAR decomposition explores the role of imported intermediate goods in explaining the puzzling behaviour of inflation. The trend analysis shows that, starting from the `90s, despite very well-anchored expectations, slow-moving imported "cost-push" factors induced deflationary pressure keeping trend inflation below target. The cycle block provides evidence in favour of a flattening of the Phillips curve, mainly attributable to a weaker wage pass-through. The business cycle behaviour of inflation is determined by a shock originating abroad, which indeed generates the main bulk of volatility in the international prices of intermediate goods and is poorly connected to the domestic slack. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Norges Bank | en_US |
dc.relation.ispartofseries | Working paper;17/2021 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | trend-cycle decomposition | en_US |
dc.subject | trend inflation | en_US |
dc.subject | global inflation | en_US |
dc.subject | phillips curve | en_US |
dc.subject | JEL: C11 | en_US |
dc.subject | JEL: C32 | en_US |
dc.subject | JEL: E3 | en_US |
dc.subject | JEL: E31 | en_US |
dc.subject | JEL: E52 | en_US |
dc.title | The Inflation Rate Disconnect Puzzle: On the International Component of Trend Inflation and the Flattening of the Phillips Curve | en_US |
dc.type | Working paper | en_US |
dc.description.version | publishedVersion | en_US |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | en_US |
dc.source.pagenumber | 39 | en_US |