2026-04-14T08:44:14Zhttps://recercat.cat/oai/request

oai:recercat.cat:10230/447262025-12-25T01:07:08Zcom_2072_6col_2072_452953

00925njm 22002777a 4500 dc Barnichon, Régis author Mesters, Geert author 2020-05-25T09:26:56Z 2020-05-25T09:26:56Z 2019-01-11 2020-05-25T09:25:47Z We propose a model-free approach for determining the inflation-unemployment trade-off faced by a central bank, i.e., the ability of a central bank to transform unemployment into inflation (and vice versa) via its interest rate policy. We introduce the Phillips multiplier as a statistic to non-parametrically characterize the trade-off and its dynamic nature. We compute the Phillips multiplier for the US, UK and Canada and document that the trade-off went from being very large in the pre-1990 sample period to being small (but significant) post-1990 with the onset of inflation targeting and the anchoring of inflation expectations. marginal rate of transformation inflation-unemployment trade-off dynamic multiplier instrumental variables phillips curve Macroeconomics and International Economics The Phillips multiplier