Inflation Persistence, Monetary Policy, and the Great Moderation

被引：25

作者：

Carlstrom, Charles T. ^{[1
]}

Fuerst, Timothy S. ^{[1
,2
]}

Paustian, Matthias ^{[2
]}

机构：

[1] Fed Reserve Bank Cleveland, Cleveland, OH USA

[2] Bowling Green State Univ, Dept Econ, Bowling Green, OH 43403 USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2009年 / 41卷 / 04期

关键词：

E31; E42; E52; E58; inflation persistence; great moderation; monetary policy; dynamic New Keynesian models;

D O I：

10.1111/j.1538-4616.2009.00231.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

There is growing evidence that the empirical Phillips curve within the United States has changed significantly since the early 1980s. In particular, inflation persistence has declined sharply. This paper demonstrates that this decline is consistent with a standard dynamic New Keynesian (DNK) model in which: (i) the variability of technology shocks has declined and (ii) the central bank more aggressively responds to inflation.

引用

页码：767 / 786

页数：20

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