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Replication data for: The Possible Unemployment Cost of Average Inflation below a Credible Target

Version
1
Resource Type
Dataset
Creator
  • Svensson, Lars E. O.
Publication Date
2015-01-01
Description
  • Abstract

    If inflation expectations become firmly anchored at the inflation target even when average inflation deviates from the target, the long-run Phillips curve becomes nonvertical. During 1997-2011, average inflation expectations in Sweden have been close to the inflation target of 2 percent, whereas average inflation has fallen short of the target by 0.6 percentage points. The estimates reported suggest that the slope of the long-run Phillips curve is about 0.75. Then the average unemployment rate has been about 0.8 percentage points higher than if average inflation had been on target. This is a large unemployment cost of undershooting the inflation target. (JEL D84, E24, E31, E52, E58)
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/mac.20130176 (Text)
Publications
  • Svensson, Lars E. O. “The Possible Unemployment Cost of Average Inflation below a Credible Target.” American Economic Journal: Macroeconomics 7, no. 1 (January 2015): 258–96. https://doi.org/10.1257/mac.20130176.
    • ID: 10.1257/mac.20130176 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

Svensson, Lars E. O. (2015): Replication data for: The Possible Unemployment Cost of Average Inflation below a Credible Target. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E114071V1