OECD Journal: Economic Studies, Volume 2015 Issue 1

Incorporating anchored inflation expectations in the Phillips curve and in the derivation of OECD measures of the unemployment gap

DOI:https://dx.doi.org/10.1787/eco_studies-2015-5jrp104kjgmr

Inflation has become much less sensitive to movements in unemployment in recent decades. A common explanation for this change is that inflation expectations have become better anchored as a consequence of credible inflation targeting by central banks. In order to evaluate this hypothesis, the ...



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