Global inflation dynamics in the post-crisis period: What explains the puzzles?

摘要

Using a factor model, I estimate a global Phillips curve for 25 advanced countries over 1995Q1-2013Q3. I find that the inclusion of household inflation expectations in the Phillips curve helps to explain puzzling global inflation dynamics during the post-crisis period. Crown Copyright (c) 2016 Published by Elsevier B.V. All rights reserved.