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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2024.12
- 수록면
- 113 - 131 (19page)
- DOI
- 10.46665/kwe.2024.12.25.3.113
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초록· 키워드
오류제보하기
This paper examines the flattening of the Phillips curve in Korea and investigates the factors underlying the weak relationship between inflation and aggregate real activity. Using a standard expectations-augmented Phillips curve framework, the empirical analysis provides robust evidence of a flattening Phillips curve across various measures of inflation and real activity. However, when median inflation is used as the inflation measure, rather than traditional core inflation measures that exclude specific items, the evidence of flattening becomes notably weaker. Median inflation filters out the transitory effects of supply shocks on headline inflation across sectors, which traditional core inflation measures fail to do. These findings suggest that the Phillips curve relationship may still hold in Korea.
목차
1. INTRODUCTION
2. INFLATION AND ECONOMIC ACTIVITY: THE PHILLIPS CORRELATION
3. EVIDENCE OF THE FLATTENING PHILLIPS CURVE IN KOREA
4. POTENTIAL SOURCES OF THE FLATTENING PHILLIPS CURVE
5. CONCLUDING REMARKS
REFERENCES
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