Is There a Change in the Trade‑Off Between Output and Inflation at Low or Stable Inflation Rates?: Some Evidence in the Case of Japan

Organisation for Economic Co-operation and Development2026-04-11 收录

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This paper examines the relationship between the output gap and inflation in Japan by estimating Phillips curves and testing for changes since the advent of low inflation and/or the stabilisation of the rate of change of inflation. The work provides empirical support for the hypothesis of a change in the relationship between output and inflation...