Trade exposure and the evolution of inflation dynamics

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dc.contributor.authorGilchrist, Simon
dc.contributor.authorZakrajsek, Egon
dc.date.accessioned2020-09-30T15:34:14Z
dc.date.available2020-09-30T15:34:14Z
dc.date.issued2020
dc.descriptionThe Phillips curve—the relationship between price inflation and fluctuations in economic activity— is a central building block of economic models that allow for nominal rigidities and are relied upon by central banks around the world to gauge cyclical inflationary pressures and forecast inflation. The lack of deflationary pressures during the Great Recession and, more recently, the apparent lack of inflationary pressures during the recovery have brought into the forefront the question of whether this relationship still exists in the data.1 More generally, the fact that inflation appears to have become less responsive to fluctuations in economic activity during the past couple of decades has been documented for the United States by Atkeson and Ohanian (2001), Roberts (2006), Mavroeidis and others (2001), and Blanchard (2016).es_ES
dc.description.abstractThe Phillips curve—the relationship between price inflation and fluctuations in economic activity— is a central building block of economic models that allow for nominal rigidities and are relied upon by central banks around the world to gauge cyclical inflationary pressures and forecast inflation. The lack of deflationary pressures during the Great Recession and, more recently, the apparent lack of inflationary pressures during the recovery have brought into the forefront the question of whether this relationship still exists in the data.1 More generally, the fact that inflation appears to have become less responsive to fluctuations in economic activity during the past couple of decades has been documented for the United States by Atkeson and Ohanian (2001), Roberts (2006), Mavroeidis and others (2001), and Blanchard (2016).es_ES
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 173-226
dc.identifier.issn978-956-7421-67-1
dc.identifier.issn978-956-7421-68-8 (pdf)
dc.identifier.urihttps://hdl.handle.net/20.500.12580/4883
dc.language.isoenes_ES
dc.publisherBanco Central de Chilees_ES
dc.relation.ispartofSeries on Central Banking Analysis and Economic Policies no. 27
dc.relation.ispartofSerie Banca Central, análisis y políticas económicas, no. 27
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectINFLACIÓNes_ES
dc.titleTrade exposure and the evolution of inflation dynamicses_ES
dc.type.docArtículo

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