{
  "title": "The Great Recession and the Inflation Puzzle",
  "publication": "IMF Working Papers, May 22, 2013",
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  "summary": "Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s.",
  "sections": [
    {
      "heading": "Summary and key findings",
      "content": "- Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable.\n- A traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s.\n- Using a non-linear Kalman filter that allows for time-varying parameters, the study finds three factors that have contributed to the observed stability of inflation:\n  - inflation expectations have become better anchored and to a lower level;\n  - the slope of the Phillips curve has flattened; and\n  - the importance of import-price inflation has increased."
    },
    {
      "heading": "Methodology",
      "content": "- Model/framework: Traditional Phillips curve evaluated with time-varying parameters.\n- Estimation technique: Non-linear Kalman filter that allows for time-varying parameters."
    },
    {
      "heading": "Authors and publication specifics",
      "content": "- Authors: Troy D Matheson, Emil Stavrev\n- Publication date: May 22, 2013\n- Series: Working Paper No. 2013/124\n- Issue: 124\n- Volume: 2013\n- Pages: 12\n- DOI: https://doi.org/10.5089/9781484334720.001\n- Stock No: WPIEA2013124\n- ISBN: 9781484334720\n- ISSN: 1018-5941"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Financial crises, Global financial crisis of 2008-2009, Hyperinflation, Import prices, Inflation, Labor, Prices, Unemployment, Unemployment rate\n- Keywords: Global financial crisis of 2008-2009, Hyperinflation, Import prices, import-price inflation, Inflation, inflation expectation, inflation in the United States, inflation puzzle, Phillips Curve, Unemployment, Unemployment rate, WP, year-over-year headline CPI inflation\n\nIMF Working Papers — \"The Great Recession and the Inflation Puzzle\" by Troy D Matheson and Emil Stavrev, May 22, 2013 (Working Paper No. 2013/124; DOI: https://doi.org/10.5089/9781484334720.001).\n\n---\n\n Content in this bundle\n\n- wp13124\n  - wp13124 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp13124 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-great-recession-and-the-inflation-puzzle-40566"
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    "Authors: Troy D Matheson, Emil Stavrev",
    "Published: May 22, 2013",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484334720.001",
    "Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable.",
    "A traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s.",
    "Using a non-linear Kalman filter that allows for time-varying parameters, the study finds three factors that have contributed to the observed stability of inflation:",
    "Model/framework: Traditional Phillips curve evaluated with time-varying parameters.",
    "Estimation technique: Non-linear Kalman filter that allows for time-varying parameters.",
    "Authors: Troy D Matheson, Emil Stavrev",
    "Publication date: May 22, 2013",
    "Series: Working Paper No. 2013/124",
    "Issue: 124",
    "Volume: 2013",
    "Pages: 12",
    "DOI: https://doi.org/10.5089/9781484334720.001",
    "Stock No: WPIEA2013124",
    "ISBN: 9781484334720",
    "ISSN: 1018-5941",
    "Subjects: Financial crises, Global financial crisis of 2008-2009, Hyperinflation, Import prices, Inflation, Labor, Prices, Unemployment, Unemployment rate",
    "Keywords: Global financial crisis of 2008-2009, Hyperinflation, Import prices, import-price inflation, Inflation, inflation expectation, inflation in the United States, inflation puzzle, Phillips Curve, Unemployment, Unemployment rate, WP, year-over-year headline CPI inflation",
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