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Inflation History And The Sacrifice Ratio: Episode-Specific Evidence

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  • TAKASHI SENDA
  • JULIE K SMITH

Abstract

"This article examines whether episode-specific analysis can show a negative relationship between inflation and the slope of the Phillips curve that has been found in cross-country analysis. While the relationship between inflation and the Phillips curve slope is widely accepted from cross-country analysis, it has remained unproven in previous episode-specific studies. By defining inflation history as a weighted average of past inflation, this study finds a negative effect of inflation history on the sacrifice ratio, which is what is expected from the cross-country analysis. The negative relationship does not disappear even after including other conventional determinants of the sacrifice ratio. "("JEL "E52, E31) Copyright (c) 2008 Western Economic Association International.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 26 (2008)
Issue (Month): 3 (07)
Pages: 409-419

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Handle: RePEc:bla:coecpo:v:26:y:2008:i:3:p:409-419

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Cited by:
  1. Emmanuel De Veirman & Andrew Levin, 2011. "Cyclical changes in firm volatility," Reserve Bank of New Zealand Discussion Paper Series DP2011/06, Reserve Bank of New Zealand.
  2. Bowdler, Christopher & Nunziata, Luca, 2010. "Labor market structures and the sacrifice ratio," Journal of Macroeconomics, Elsevier, Elsevier, vol. 32(3), pages 816-826, September.
  3. Nicolás De Roux & Marc Hofstetter, 2012. "Sacrifice Ratios and Inflation Targeting: The Role of Credibility," DOCUMENTOS CEDE, UNIVERSIDAD DE LOS ANDES-CEDE 009325, UNIVERSIDAD DE LOS ANDES-CEDE.
  4. Mazumder, Sandeep, 2014. "The sacrifice ratio and core inflation," Journal of Macroeconomics, Elsevier, Elsevier, vol. 40(C), pages 400-421.
  5. Andrea Vaona, 2010. "Intra-national Purchasing Power Parity and Balassa-Samuelson Effects in Italy," Working Papers, University of Verona, Department of Economics 12/2010, University of Verona, Department of Economics.
  6. Sek Siok Kun, 2012. "Evaluating the performance of inflation targeting regime in three Asian economies," International Econometric Review (IER), Econometric Research Association, Econometric Research Association, vol. 4(2), pages 82-98, September.
  7. Siok Kun Sek & Wai Mun Har, 2012. "Does Inflation Targeting Work in Emerging East-Asian Economies?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(5), pages 599-608, December.
  8. Marc Hofstetter, 2008. "Sticky Prices and Moderate Inflation," DOCUMENTOS CEDE, UNIVERSIDAD DE LOS ANDES-CEDE 005856, UNIVERSIDAD DE LOS ANDES-CEDE.
  9. Mazumder, Sandeep, 2012. "Determinants of the Sacrifice Ratio: Evidence from OECD and non-OECD countries," Working Papers, Wake Forest University, Economics Department 106, Wake Forest University, Economics Department.

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