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Are there Shifts in the Output-Inflation Trade-off? The Case of Switzerland

Ernst Baltensperger and Thomas J. Jordan

Swiss Journal of Economics and Statistics (SJES), 1998, vol. 134, issue II, 121-132

Abstract: This paper analyzes the change of the output-inflation trade-off in Switzerland over time. Three approaches are used. A traditional equation and a structural vectorautoregressive model are estimated with a moving local regression method. Furthermore, a dummy variable method is applied. The findings are robust among the different approaches. The short-run output inflation trade-off worsens in the 1970s and the 1980s compared to the Bretton Woods period. Output stabilization today is more costly in terms of inflation than it used to be earlier.

Date: 1998
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Handle: RePEc:ses:arsjes:1998-ii-1