An Alternative Interpretation of the Recent U.S. Inflation Performance

Mikael Apel and Per Jansson ()

No 109, Working Paper Series from Sveriges Riksbank (Central Bank of Sweden)

Abstract: An approach to decomposing and interpreting the inflation process is proposed. It suggests that the low U.S. inflation rate in recent years reflects a structural development, but that the low levels of unemployment may be a mainly cyclical phenomenon.

Keywords: Inflation; NAIRU; New economy; Phillips curve; Unobserved-components models (search for similar items in EconPapers)
JEL-codes: C32 E31 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2000-06-01
New Economics Papers: this item is included in nep-cba
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