Inflation History And The Sacrifice Ratio: Episode-Specific Evidence
"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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Volume (Year): 26 (2008)
Issue (Month): 3 (07)
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