Shocking Escapes  

Oleh:

McGough, Bruce

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 116 no. 511 (2006), page 507-528.
Topik: inflation; shocking escapes
Fulltext: 507.pdf (290.45KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.22 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Model of inflation is amended to include real oil prices and used to study the impact of exogenous supply shocks on the inflation time - series. We analyse whether these shocks can trigger escape - like episodes. We consider unobserved permanent shocks to the natural rate of unemployment and observed permanent shocks to the mean real oil price. Favourable shocks to unemployment decrease the time to first escape; that is, escapes tend to occur much sooner in the presence of these shocks. Shocks to the mean real oil price cause the economy to move quickly to its new equilibrium.

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