European Parliament Library

Flattening of the Phillips Curve :, Implications for Monetary Policy, Dora Iakova

Over the past decade, inflation has become less responsive to domestic demand pressures in many industrial countries. This development has been attributed, in part, to globalization forces. A small macroeconomic model, estimated on UK data using Bayesian estimation, is used to analyze the monetary policy implications of this structural change. The focus is on the implications of a globalization-related flattening of the Phillips curve for the trade-off between inflation and output gap variability and for the efficient monetary policy response rule
Table Of Contents
Contents; I. Introduction; Figures; 1. Flattening of the Phillips Curve; II. Description of the Model; 2. Impulse Responses to a Demand Shock; 3. Impulse Responses to an Inflation Shock; III. Evaluating Alternative Monetary Policy Response Rules; Tables; 1. Optimized Response Rule Coefficients; 4. Efficient Policy Frontiers; 5. Impulse Responses to an Inflation Shock, Efficient Policy; IV. Conclusions; Appendix I; References
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (21 p.)
Specific Material Designation
Form Of Item

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