The great moderation of inflationa structural analysis of recent U.S. monetary business cycles

  1. Casares Polo, Miguel
  2. Vázquez, Jesús
Revista:
Documentos de Trabajo ( Universidad Pública de Navarra. Departamento de Economía )

Año de publicación: 2012

Número: 15

Tipo: Documento de Trabajo

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Resumen

U.S. inflation has experienced a great moderation in the last two decades. This paper examines the factors behind this and other stylized facts, such as the weaker correlation of inflation and nominal interest rate (Gibson paradox). Our findings point at lower exogenous variability of supply-side shocks and, to a lower extent, structural changes in money demand, monetary policy, and firms� sticky pricing behavior as the main driving forces of the changes observed in recent U.S. business cycles.

Fuente de los datos: Dialnet