2026-04-14T04:09:00Zhttps://recercat.cat/oai/request

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

The Phillips multiplier Barnichon, Régis Mesters, Geert marginal rate of transformation inflation-unemployment trade-off dynamic multiplier instrumental variables phillips curve Macroeconomics and International Economics 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. 2020-05-25T09:26:56Z 2020-05-25T09:26:56Z 2019-01-11 2020-05-25T09:25:47Z info:eu-repo/semantics/workingPaper Economics and Business Working Papers Series; 1632 L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons http://creativecommons.org/licenses/by-nc-nd/3.0/es/ info:eu-repo/semantics/openAccess