The Phillips multiplier
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- dc.contributor.author Barnichon, Régis
- dc.contributor.author Mesters, Geert
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2020-05-25T09:26:56Z
- dc.date.available 2020-05-25T09:26:56Z
- dc.date.issued 2019-01-11
- dc.date.modified 2020-05-25T09:25:47Z
- dc.description.abstract We propose a model-free approach for determining the inflation-unemployment trade-off faced by a central bank, i.e., the ability of a central bank to transform unemployment into inflation (and vice versa) via its interest rate policy. We introduce the Phillips multiplier as a statistic to non-parametrically characterize the trade-off and its dynamic nature. We compute the Phillips multiplier for the US, UK and Canada and document that the trade-off went from being very large in the pre-1990 sample period to being small (but significant) post-1990 with the onset of inflation targeting and the anchoring of inflation expectations.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1632
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/44726
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1632
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword marginal rate of transformation
- dc.subject.keyword inflation-unemployment
- dc.subject.keyword trade-off
- dc.subject.keyword dynamic multiplier
- dc.subject.keyword instrumental variables
- dc.subject.keyword phillips curve
- dc.subject.keyword Macroeconomics and International Economics
- dc.title The Phillips multiplier
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper