Understanding Euro Area Inflation Dynamics : Why So Low for So Long? /

Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an augmented Phillips Curve framework, we find that this phenomenon-sometimes attributed to low global inflation-has been primarily caused by a remarkable persistence of inflation, keeping...

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Автор: Abdih, Yasser
Інші автори: Lin, Li, Paret, Anne-Charlotte
Формат: Журнал
Мова:English
Опубліковано: Washington, D.C. : International Monetary Fund, 2018.
Серія:IMF Working Papers; Working Paper ; No. 2018/188
Онлайн доступ:Full text available on IMF
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245 1 0 |a Understanding Euro Area Inflation Dynamics :   |b Why So Low for So Long? /  |c Yasser Abdih, Li Lin, Anne-Charlotte Paret. 
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490 1 |a IMF Working Papers 
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520 3 |a Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an augmented Phillips Curve framework, we find that this phenomenon-sometimes attributed to low global inflation-has been primarily caused by a remarkable persistence of inflation, keeping it low despite the reduction in slack. This feature is shown to be specific to the euro area (in comparison with the United States). Monetary policy needs to stay accommodative to help guide inflation back to target. 
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700 1 |a Lin, Li. 
700 1 |a Paret, Anne-Charlotte. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2018/188 
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