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European inflation dynamics

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  • Gali, Jordi
  • Gertler, Mark
  • Lopez-Salido, J. David

Abstract

We provide evidence on the fit of the New Phillips Curve (NPC) for the Euro area over the period 1970-1998, and use it as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyse the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two main components, namely, labor productivity and real wages.

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Bibliographic Info

Article provided by Elsevier in its journal European Economic Review.

Volume (Year): 45 (2001)
Issue (Month): 7 ()
Pages: 1237-1270

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Handle: RePEc:eee:eecrev:v:45:y:2001:i:7:p:1237-1270

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  18. Stock, James H. & Watson, Mark W., 1999. "Forecasting inflation," Journal of Monetary Economics, Elsevier, vol. 44(2), pages 293-335, October.
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