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An Alternative Interpretation of the Recent U.S. Inflation Performance

Author

Listed:
  • Apel, Mikael

    () (Monetary Policy Department, Central Bank of Sweden)

  • Jansson, Per

    (Monetary Policy Department, Central Bank of Sweden)

Abstract

An approach to decomposing and interpreting the inflation process is proposed. It suggests that the low U.S. inflation rate in recent years reflects a structural development, but that the low levels of unemployment may be a mainly cyclical phenomenon.

Suggested Citation

  • Apel, Mikael & Jansson, Per, 2000. "An Alternative Interpretation of the Recent U.S. Inflation Performance," Working Paper Series 109, Sveriges Riksbank (Central Bank of Sweden).
  • Handle: RePEc:hhs:rbnkwp:0109
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    File URL: http://www.riksbank.com/upload/4173/WP_109.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Inflation; NAIRU; New economy; Phillips curve; Unobserved-components models;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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