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Price Stickiness, Inflation, and Output Dynamics: A Cross-Country Analysis

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Khan, Hashmat

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Abstract

The sticky-price model of aggregate fluctuations implies that countries with high trend inflation rates should exhibit less-persistent output fluctuations than countries with low trend inflation. I conduct a cross-country analysis of output persistence and inflation that takes into account the within-country time variation in trend inflation. My results do not support the implication. The results suggest that further research is needed before models based on nominal price stickiness can offer a complete microfoundation for persistent effects of aggregate demand shocks.

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File URL: http://www.bankofcanada.ca/en/res/wp/2000/wp00-13.pdf
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Paper provided by Bank of Canada in its series Working Papers with number 00-13.

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Length: 56 pages
Date of creation: 2000
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Handle: RePEc:bca:bocawp:00-13

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Related research
Keywords: Business fluctuations and cycles;

Find related papers by JEL classification:
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Estimation

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  1. Hasan Bakhshi & Pablo Burriel-Llombart & Hashmat Khan & Barbara Rudolf, . "Endogenous price stickiness, trend inflation, and the New Keynesian Phillips curve," Bank of England working papers 191, Bank of England. [Downloadable!]
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