Understanding the dynamics of inflation has become an important challenge for both policymakers and researchers over the past decade. Empirical models linking inflation and economic activity—versions of the so-called Phillips curve—have failed to account for the behavior of inflation in many adva...
To gauge inflationary pressures, policymakers generally pay close
attention to labor cost developments. A key reason has been the widely
held view that labor cost inflation (i.e., wage inflation adjusted for
productivity developments) is one of the main causes of price inflation.
From a theoretic...
Bobeica, Elena
,
Ciccarelli, Matteo
,
Vansteenkiste, Isabel
,
[The link between labor cost inflation and price inflation in the Euro Area]
,
The link between labor cost inflation and price inflation in the Euro Area
In recent years, we have not seen much of a negative correlation
between inflation, the time series plotted in figure 1, and measures of
resource slack, based on real GDP plotted in figure 2. This flattening
of the Phillips curve in many countries across the world has startled
monetary policymake...
A central focus of monetary policy is the underlying rate of inflation
that might be expected to prevail over a horizon of one or two years.
Because inflation is estimated from noisy data, the estimation of
this underlying rate of inflation, which we refer to as trend inflation,
requires statisti...
Stock, James H.
,
Watson, Mark W.
,
[Trend, seasonal, and sectorial inflation in the Euro Area]
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Trend, seasonal, and sectorial inflation in the Euro Area
For decades, textbooks have explained inflation behavior with
Friedman (1968)’s Phillips curve: the inflation rate depends on
expected inflation and the deviation of unemployment from its natural
rate. Yet this theory has always been controversial, and skepticism
has been rampant in the decade si...
Durante el año 2007, los precios de los productos agrícolas se dispararon a niveles récord. El índice CRB de granos y cereales observó un incremento de 54% respecto del año anterior. En Chile, este aumento de los precios internacionales generó presiones al alza en los alimentos, y con ello, en el...
López E., Eduardo
,
Meneses P., Francisco
,
Córdova F., J. Felipe
,
Grünwald N., M. Carolina
,
[Comportamiento del precio internacional de granos seleccionados y su impacto en la inflación]
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Comportamiento del precio internacional de granos seleccionados y su impacto en la inflación
The Phillips curve—the relationship between price inflation
and fluctuations in economic activity— is a central building block
of economic models that allow for nominal rigidities and are relied
upon by central banks around the world to gauge cyclical inflationary
pressures and forecast inflation...
La compensación inflacionaria (CI) es un concepto que se deriva del premio implícito o diferencia existente entre el rendimiento de un instrumento nominal y uno real. A su vez, este concepto se relaciona con la inflación promedio que descuenta o espera el mercado financiero para un período determ...
Alarcón G., Felipe
,
Bernier B., Matías
,
[Diferencias en medidas de compensación inflacionaria y Swap Spread]
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Diferencias en medidas de compensación inflacionaria y Swap Spread
Esta nota tiene por principal objetivo evaluar la evolución de la persistencia inflacionaria en Chile en los últimos años. Con este fin, se utilizan dos medidas de inflación expresadas en variaciones porcentuales a 12 meses: la variación del IPC y del IPCX. Esta última variable excluye del IPC lo...
Las fluctuaciones cambiarias son una fuente importante de variaciones en la tasa de inflación de una economía. Ellas se manifiestan directamente en el precio de los bienes importados, e indirectamente a través del costo de los insumos importados que contienen algunos bienes y que se traspasan al ...
Álvarez E., Roberto
,
Leyva J., Gustavo
,
Selaive, Jorge
,
[Traspaso de tipo de cambio a precios: una aproximación microeconómica]
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Traspaso de tipo de cambio a precios: una aproximación microeconómica