Speed Limit and Asymmetric Inflation Effects from the Output Gap in the Major Seven Economies
نویسنده
چکیده
Asymmetric effects from positive and negative output gaps on inflation . '. . . . . . . 63 Allowing for possible mismeasurement of the gap . . . . . . . . . . . . . . . . . . . . . . . 64 An illustrative example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Summary and policy implications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Annex 1. Algebraic proofs.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 Annex 2. Estimation results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Bibliography ....................................................... 87
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