Changing inflation dynamics, evolving monetary policy: an overview

Understanding the dynamics of inflation has become an important challenge for both policymakers and researchers over the past decade. Empirical models linking inflation and economic activity—versions of the so-called Phillips curve—have failed to account for the behavior of inflation in many adv...

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Autores principales:	Castex, Gonzalo, Galí, Jordi, Saravia, Diego
Formato:	Artículo
Lenguaje:	English
Publicado:	Banco Central de Chile 2020
Materias:	INFLACIÓN POLÍTICA MONETARIA
Acceso en línea:	https://hdl.handle.net/20.500.12580/4878
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spelling	oai-20.500.12580-48782021-04-24T11:52:00Z Changing inflation dynamics, evolving monetary policy: an overview Castex, Gonzalo Galí, Jordi Saravia, Diego INFLACIÓN POLÍTICA MONETARIA Understanding the dynamics of inflation has become an important challenge for both policymakers and researchers over the past decade. Empirical models linking inflation and economic activity—versions of the so-called Phillips curve—have failed to account for the behavior of inflation in many advanced economies. In particular, inflation in the U.S. and other countries was higher during the 2008-2009 Great Recession than the conventional empirical Phillips curve would imply. As noted by some economists, this “missing deflation” phenomenon may have already started in the mid-2000s. Just as puzzling, during the subsequent recovery, inflation has remained subdued relative to the predictions generated by existing models, despite the aggressive expansionary monetary policies implemented in many advanced economies. Understanding the dynamics of inflation has become an important challenge for both policymakers and researchers over the past decade. Empirical models linking inflation and economic activity—versions of the so-called Phillips curve—have failed to account for the behavior of inflation in many advanced economies. In particular, inflation in the U.S. and other countries was higher during the 2008-2009 Great Recession than the conventional empirical Phillips curve would imply. As noted by some economists, this “missing deflation” phenomenon may have already started in the mid-2000s. Just as puzzling, during the subsequent recovery, inflation has remained subdued relative to the predictions generated by existing models, despite the aggressive expansionary monetary policies implemented in many advanced economies. 2020-09-29T16:17:53Z 2020-09-29T16:17:53Z 2020 Artículo 978-956-7421-67-1 978-956-7421-68-8 (pdf) https://hdl.handle.net/20.500.12580/4878 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 Sección o Parte de un Documento p. 01-05 application/pdf Banco Central de Chile
institution	Banco Mundial
collection	Banco Mundial
language	English
topic	INFLACIÓN POLÍTICA MONETARIA
spellingShingle	INFLACIÓN POLÍTICA MONETARIA Castex, Gonzalo Galí, Jordi Saravia, Diego Changing inflation dynamics, evolving monetary policy: an overview
description	Understanding the dynamics of inflation has become an important challenge for both policymakers and researchers over the past decade. Empirical models linking inflation and economic activity—versions of the so-called Phillips curve—have failed to account for the behavior of inflation in many advanced economies. In particular, inflation in the U.S. and other countries was higher during the 2008-2009 Great Recession than the conventional empirical Phillips curve would imply. As noted by some economists, this “missing deflation” phenomenon may have already started in the mid-2000s. Just as puzzling, during the subsequent recovery, inflation has remained subdued relative to the predictions generated by existing models, despite the aggressive expansionary monetary policies implemented in many advanced economies.
format	Artículo
author	Castex, Gonzalo Galí, Jordi Saravia, Diego
author_facet	Castex, Gonzalo Galí, Jordi Saravia, Diego
author_sort	Castex, Gonzalo
title	Changing inflation dynamics, evolving monetary policy: an overview
title_short	Changing inflation dynamics, evolving monetary policy: an overview
title_full	Changing inflation dynamics, evolving monetary policy: an overview
title_fullStr	Changing inflation dynamics, evolving monetary policy: an overview
title_full_unstemmed	Changing inflation dynamics, evolving monetary policy: an overview
title_sort	changing inflation dynamics, evolving monetary policy: an overview
publisher	Banco Central de Chile
publishDate	2020
url	https://hdl.handle.net/20.500.12580/4878
work_keys_str_mv	AT castexgonzalo changinginflationdynamicsevolvingmonetarypolicyanoverview AT galijordi changinginflationdynamicsevolvingmonetarypolicyanoverview AT saraviadiego changinginflationdynamicsevolvingmonetarypolicyanoverview
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Changing inflation dynamics, evolving monetary policy: an overview

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