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
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.
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Persistent link: https://EconPapers.repec.org/RePEc:ses:arsjes:1998-ii-1
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