Browsing Economía by Subject "Output gap"
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Low Inflation Bends the Phillips Curve around the World
(Pontificia Universidad Católica del PerúPE, 2022-08-01)This paper finds strong support for a Phillips curve that becomes nonlinear when inflation is “low”—which our baseline model defines as less than 3 percent. The nonlinear curve is steep when output is above potential (slack ...