The Phillips curve and US monetary policy: what the FOMC transcripts tell us
نویسندگان
چکیده
منابع مشابه
Inflation Expectations , the Phillips Curve and Monetary Policy
Conjectures about inflation expectations are inextricably linked to our understanding of the relationship between the real and monetary sides of the economy; yet, direct empirical research on the matter has been scarce at best. This paper therefore examines the empirical properties of inflation expectations data constructed on the basis of both qualitative and quantitative surveys of consumers ...
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Received September 12, 2017. Accepted September 17, 2017. Correspondence to: Francis Sahngun Nahm Department of Anesthesiology and Pain Medicine, Seoul National University Bundang Hospital, 82 Gumi-ro, 173 Beon-gil, Bundang-gu, Seongnam 13620, Korea Tel: +82-31-787-7499, Fax: +82-31-787-4063, E-mail: [email protected] This is an open-access article distributed under the terms of the Creative ...
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This paper uncovers the Phillips curve trade-off perceived by U.S. monetary policymakers. For that purpose we use data on individual forecasts for unemployment and inflation submitted by each individual FOMC member, which was recently made available for the period 19921998. The results point to significant changes in the perceived trade-off over time with the Phillips curve flattening and the i...
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ژورنال
عنوان ژورنال: Oxford Economic Papers
سال: 2011
ISSN: 0030-7653,1464-3812
DOI: 10.1093/oep/gpr047