Scandinavian Working Papers in Economics

Working Paper Series,
Sveriges Riksbank (Central Bank of Sweden)

No 109: An Alternative Interpretation of the Recent U.S. Inflation Performance

Mikael Apel () and Per Jansson
Additional contact information
Mikael Apel: Monetary Policy Department, Central Bank of Sweden, Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden
Per Jansson: Monetary Policy Department, Central Bank of Sweden, Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden

Abstract: An approach to decomposing and interpreting the inflation process is proposed. It suggests that the low U.S. inflation rate in recent years reflects a structural development, but that the low levels of unemployment may be a mainly cyclical phenomenon.

Keywords: Inflation; NAIRU; New economy; Phillips curve; Unobserved-components models

JEL-codes: C32; E31

12 pages, June 1, 2000

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WP_109.pdf PDF-file

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