Inflation and activity – Two explorations and their monetary policy implications by Olivier J. Blanchard, Eugenio Cerutti and Lawrence Summers published by IMF (11/2015). “We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity…”
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