Inflation dynamics in the frequency domain
Martins, Manuel M.F.; Verona, Fabio (10.08.2023)
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Volyymi
231Numero
October 2023
2023
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-202109131536Tiivistelmä
We use a New Keynesian Phillips Curve to study the dynamics of inflation in the frequency domain. Inflation expectations dominate medium-to-long-run cycles, energy inflation dominate short cycles and also longer cycles once expectations became anchored. While statistically significant, unemployment is not economically relevant at any frequency band.