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Is the Inflation-Output Nexus Asymmetric in the Euro Area?

M. Baghli, Christophe Cahn () and Henri Fraisse

Working papers from Banque de France

Abstract: This paper challenges the assumption that the inflation process within the euro area is well-described by a linear Phillips curve and investigates in a nonparametric framework how inflation is sensitive to output growth. An asymmetric output-inflation trade-off is pointed out in the euro area at both aggregated and individual country levels.

Keywords: Nonlinear Phillips curve; Price stability; Kernel smoothing. (search for similar items in EconPapers)
JEL-codes: C14 C32 E31 E52 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2006
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