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Replication data for: Is the Phillips Curve Alive and Well after All? Inflation Expectations and the Missing Disinflation

Version
V0
Resource Type
Dataset
Creator
  • Coibion, Olivier
  • Gorodnichenko, Yuriy
Publication Date
2015-01-01
Description
  • Abstract

    We evaluate explanations for the absence of disinflation during the Great Recession and find popular explanations to be insufficient. We propose a new explanation for this puzzle within the context of a standard Phillips curve. If firms' inflation expectations track those of households, then the missing disinflation can be explained by the rise in their inflation expectations between 2009 and 2011. We present new econometric and survey evidence consistent with firms having similar expectations as households. The rise in household inflation expectations from 2009 to 2011 can be explained by the increase in oil prices over this time period. (JEL D84, E24, E32, E52, E58, Q35)
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/mac.20130306 (Text)
Publications
  • Coibion, Olivier, and Yuriy Gorodnichenko. “Is the Phillips Curve Alive and Well after All? Inflation Expectations and the Missing Disinflation.” American Economic Journal: Macroeconomics 7, no. 1 (January 2015): 197–232. https://doi.org/10.1257/mac.20130306.
    • ID: 10.1257/mac.20130306 (DOI)

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

Coibion, Olivier; Gorodnichenko, Yuriy (2015): Replication data for: Is the Phillips Curve Alive and Well after All? Inflation Expectations and the Missing Disinflation. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E114080