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Flattening of the Phillips Curve: Implications for Monetary Policy

Flattening of the Phillips Curve: Implications for Monetary Policy by Dora M. Iakova
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Over the past decade, inflation has become less responsive to domestic demand pressures in many industrial countries. This development has been attributed, in part, to globalization forces. A small macroeconomic model, estimated on UK data using Bayesian estimation, is used to analyze the monetary policy implications of this structural change. The focus is on the implications of a globalization-related flattening of the Phillips curve for the trade-off between inflation and output gap variability and for the efficient monetary policy response rule.
International Monetary Fund; April 2007
19 pages; ISBN 9781452777368
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Title: Flattening of the Phillips Curve: Implications for Monetary Policy
Author: Dora M. Iakova