Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/229049 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
ECB Working Paper No. 2435
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
The business cycle is alive and well, and real variables respond to it more or less as they always did. Witness the Great Recession. In ation, in contrast, has gone quiescent. This paper studies the sources of this disconnect using VARs and an estimated DSGE model. It finds that the disconnect is due primarily to the muted reaction of inflation to cost pressures, regardless of how they are measured - a flat aggregate supply curve. A shift in policy towards more forceful inflation stabilization also appears to have played some role by reducing the impact of demand shocks on the real economy. The evidence rules out stories centered around changes in the structure of the labor market or in how we should measure its tightness.
Schlagwörter: 
Infllation
unemployment
monetary policy trade-off
VARs
DSGE models
JEL: 
E31
E32
E37
E52
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4078-8
Dokumentart: 
Working Paper

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