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Asymmetric versus Linear Models of the Inflation Process
Some Issues in the Specification and Estimation of Phillips Curves
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12 Quarters aggregate demand asymmetric model asymmetric Phillips curve biased business cycle capacity constraints Chart coefficient control in percentage convex CPI Inflation BAR cumulative Delayed Monetary detrending Deviation from control distributed lag econometric econometrician enter the Phillips excess demand false rejection Federal funds rate filter to measure Gap and YR/YR gap measures gappos gapt GDP and Potential Gordon Harvey and Jaeger Harvey-Jaeger gaps Hodrick-Prescot Filter implications of asymmetry inflation at annual inflation dynamics inflation expectations inflationary Laxton linear model Lucas critique measure of inflation measure potential output Meredith Michigan Survey measure monetary authority monetary policy moving average filter NAIRU natural rate hypothesis null hypothesis output gap parameter Percent Positive Demand percentage points1 policy analysis policymaker Potential GDP Price level Deviation reduced-form reject the asymmetric researchers simulations stochastic tests for asymmetry Tetlow transmission mechanism trend estimate Trend Plus Cycle two-sided moving average U.S. data U.S. Output-Inflation U.S. Phillips curve variables Wald Test