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      Policy rules and external shocks 

      Ball, Laurence (Banco Central de Chile, 2002)
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      The nonpuzzling behavior of median inflation 

      Ball, Laurence; Mazumder, Sandeep (Banco Central de Chile, 2020)
      For decades, textbooks have explained inflation behavior with Friedman (1968)’s Phillips curve: the inflation rate depends on expected inflation and the deviation of unemployment from its natural rate. Yet this theory ...