文章基本信息

标题：Inflation and the Great Moderation: Evidence from a Large Panel Data Set
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作者：Georgios Karras
期刊名称：International Journal of Economic Sciences and Applied Research
印刷版ISSN：1791-5120
电子版ISSN：1791-3373
出版年度：2013
卷号：6
期号：3
页码：7-19
出版社：Kavala Institute of Technology
摘要：This paper investigates the relationship between the Great Moderation and two measures of in.ation performance: trend in.ation and in.ation volatility. Using annual data from 1970 to 2011 for a large panel of 180 developed and developing economies, the results show that, as expected, both measures are positively correlated with output volatility. When the two measures are jointly considered, however, and there is sufficient information to identify their effects separately, our empirical findings show that the effect of in.ation volatility is positive, while the effect of trend in.ation is negative. The implication is that reduced in.ation volatility (holding trend in.ation constant) helps stabilize the business cycle, whereas lower in.ation (holding in.ation volatility constant) exacerbates output volatility
关键词：Great Moderation; Trend In.ation; In.ation Volatility