Princeton University Library Catalog

Did the Global Financial Crisis Break the U.S. Phillips Curve? [electronic resource] / Stefan Laseen.

Author:
Laseen, Stefan [Browse]
Format:
Book
Language:
English
Published/​Created:
Washington, D.C. : International Monetary Fund, 2016.
Description:
1 online resource (42 p.)
Series:
IMF Working Papers [More in this series]
Summary note:
Inflation dynamics, as well as its interaction with unemployment, have been puzzling since the Global Financial Crisis (GFC). In this empirical paper, we use multivariate, possibly time-varying, time-series models and show that changes in shocks are a more salient feature of the data than changes in coefficients. Hence, the GFC did not break the Phillips curve. By estimating variations of a regime-switching model, we show that allowing for regime switching solely in coefficients of the policy rule would maximize the fit. Additionally, using a data-rich reduced-form model we compute conditional forecast scenarios. We show that financial and external variables have the highest forecasting power for inflation and unemployment, post-GFC.
Source of description:
Description based on print version record.
ISBN:
  • 1498348645 :
Doi:
  • 10.5089/9781498348645.001
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