Replication data for: Inflation Persistence, the NAIRU, and the Great Recession
Principal Investigator(s): View help for Principal Investigator(s) Mark W. Watson
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
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| P2014_1104_data | 08/02/2019 08:31:PM | ||
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text/plain | 14.6 KB | 08/02/2019 04:31:PM |
Project Citation:
Project Description
Summary:
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The rate of inflation fell far less over the period 2007-2013 than in the period 1979-1985 despite similar large increases in the unemployment rate. This paper asks why. Possible explanations include a change in the persistence of inflation, changes in NAIRU, and other shocks. A change in the persistence of inflation, with inflation more anchored in the period 2007-2013 than in the period 1979-1985, is found to be important. The level and change in the NAIRU cannot be precisely estimated, but the data suggest an increase of nearly 1 percentage point since 2007.
Scope of Project
JEL Classification:
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E24 Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity
E31 Price Level • Inflation • Deflation
G01 Financial Crises
E32 Business Fluctuations • Cycles
E24 Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity
E31 Price Level • Inflation • Deflation
G01 Financial Crises
E32 Business Fluctuations • Cycles
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