Changing inflation dynamics, evolving monetary policy

Empirical models have failed to explain inflation behavior over the last 20 years in most developed economies. The unusual inflation dynamics—the ‘missing deflation’ during recessions and the ‘missing inflation’ during recoveries—points to a failure of Phillips curve predictions. Several hypotheses...

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Detalles Bibliográficos
Otros Autores:	Castex, Gonzalo
Formato:	Libro
Lenguaje:	English
Publicado:	Banco Central de Chile 2020
Materias:	POLÍTICA MONETARIA INFLACIÓN
Acceso en línea:	https://hdl.handle.net/20.500.12580/4877
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spelling	oai-20.500.12580-48772021-10-19T19:07:02Z Changing inflation dynamics, evolving monetary policy Castex, Gonzalo Galí, Jordi Saravia, Diego POLÍTICA MONETARIA INFLACIÓN Empirical models have failed to explain inflation behavior over the last 20 years in most developed economies. The unusual inflation dynamics—the ‘missing deflation’ during recessions and the ‘missing inflation’ during recoveries—points to a failure of Phillips curve predictions. Several hypotheses have been proposed to explain the ‘twin puzzle’ phenomenon while at the same time have imposed challenging implications to conduct monetary policy. It is of utmost importance to understand the challenges for monetary policy conduct in an environment where inflation dynamics is hard to unravel. This volume contributes to the study of the ‘twin puzzle’ phenomenon and the challenges facing monetary policy. It gathers a selective group of distinguished scholars and policy makers to discuss the latest academic findings on inflation dynamics. Changing Inflation Dynamics, Evolving Monetary Policy: An Overview / Gonzalo Castex, Jordi Galí, and Diego Saravia -- The Passthrough of Large-cost Shocks in an Inflationary Economy / Fernando Álvarez and Pablo Andrés Neumeyer -- The Nonpuzzling Behavior of Median Inflation / Laurence Ball and Sandeep Mazumder -- The Link between Labor Cost Inflation and Price Inflation in the Euro Area / Elena Bobeica, Matteo Ciccarelli, and Isabel Vansteenkiste -- Has the U.S. Wage Phillips Curve Flattened? / Jordi Galí and Luca Gambetti -- Trade Exposure and the Evolution of Inflation Dynamics / Simon Gilchrist and Egon Zakrajšek -- The Supply-Side Origins of U.S. Inflation / Bart Hobijn -- Inflation Globally / Òscar Jordà and Fernanda Nechio -- Trend, Seasonal, and Sectorial Inflation in the Euro Area / James H. Stock and Mark W. Watson. 2020-09-29T14:50:39Z 2020-09-29T14:50:39Z 2020 Libro 978-956-7421-67-1 978-956-7421-68-8 (pdf) https://hdl.handle.net/20.500.12580/4877 en Series on Central Banking, Analysis, and Economic Policies, no. 27 Serie Banca Central, análisis y políticas económicas, no. 27 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Documento Completo 344 páginas. application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	English
topic	POLÍTICA MONETARIA INFLACIÓN
spellingShingle	POLÍTICA MONETARIA INFLACIÓN Changing inflation dynamics, evolving monetary policy
description	Empirical models have failed to explain inflation behavior over the last 20 years in most developed economies. The unusual inflation dynamics—the ‘missing deflation’ during recessions and the ‘missing inflation’ during recoveries—points to a failure of Phillips curve predictions. Several hypotheses have been proposed to explain the ‘twin puzzle’ phenomenon while at the same time have imposed challenging implications to conduct monetary policy. It is of utmost importance to understand the challenges for monetary policy conduct in an environment where inflation dynamics is hard to unravel. This volume contributes to the study of the ‘twin puzzle’ phenomenon and the challenges facing monetary policy. It gathers a selective group of distinguished scholars and policy makers to discuss the latest academic findings on inflation dynamics.
author2	Castex, Gonzalo
author_facet	Castex, Gonzalo
format	Libro
title	Changing inflation dynamics, evolving monetary policy
title_short	Changing inflation dynamics, evolving monetary policy
title_full	Changing inflation dynamics, evolving monetary policy
title_fullStr	Changing inflation dynamics, evolving monetary policy
title_full_unstemmed	Changing inflation dynamics, evolving monetary policy
title_sort	changing inflation dynamics, evolving monetary policy
publisher	Banco Central de Chile
publishDate	2020
url	https://hdl.handle.net/20.500.12580/4877
_version_	1718433324231294976

Changing inflation dynamics, evolving monetary policy

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