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dc.contributor.authorHobijn, Bart
dc.date.accessioned2020-09-30T19:37:38Z
dc.date.available2020-09-30T19:37:38Z
dc.date.issued2020
dc.identifier.issn978-956-7421-67-1
dc.identifier.issn978-956-7421-68-8 (pdf)
dc.identifier.urihttps://hdl.handle.net/20.500.12580/4884
dc.descriptionIn recent years, we have not seen much of a negative correlation between inflation, the time series plotted in figure 1, and measures of resource slack, based on real GDP plotted in figure 2. This flattening of the Phillips curve in many countries across the world has startled monetary policymakers. In fact, it has some former policymakers ask whether the Phillips curve is dead. It is often interpreted as the disappearance of a short-run output-inflation tradeoff that central banks can exploit for stabilization purposes. In this paper I argue that this is too pessimistic an assessment. What the flattening of the Phillips curve really indicates is that recent economic fluctuations were not mainly driven by movements in aggregate demand (AD) but, instead, by joint movements in aggregate demand and aggregate supply (AS). It is these movements in aggregate supply that are at the root of the “supply-side origins of inflation” that I refer to in the title.es_ES
dc.description.abstractIn recent years, we have not seen much of a negative correlation between inflation, the time series plotted in figure 1, and measures of resource slack, based on real GDP plotted in figure 2. This flattening of the Phillips curve in many countries across the world has startled monetary policymakers. In fact, it has some former policymakers ask whether the Phillips curve is dead. It is often interpreted as the disappearance of a short-run output-inflation tradeoff that central banks can exploit for stabilization purposes. In this paper I argue that this is too pessimistic an assessment. What the flattening of the Phillips curve really indicates is that recent economic fluctuations were not mainly driven by movements in aggregate demand (AD) but, instead, by joint movements in aggregate demand and aggregate supply (AS). It is these movements in aggregate supply that are at the root of the “supply-side origins of inflation” that I refer to in the title.es_ES
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 227-268
dc.language.isoenes_ES
dc.publisherBanco Central de Chilees_ES
dc.relation.ispartofSeries on Central Banking Analysis and Economic Policies no. 27
dc.relation.ispartofSerie Banca Central, análisis y políticas económicas, no. 27
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectINFLACIÓNes_ES
dc.titleThe supply-side origins of U.S. inflationes_ES
dc.type.docArtículo


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Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivs 3.0 Chile