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Inflation-output trade-off: old measures, new determinants?

Research output: Contribution to journalArticle

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Inflation-output trade-off: old measures, new determinants? / Magkonis, Georgios; Zekente, Kalliopi-Maria.

In: Journal of Macroeconomics, 20.05.2020.

Research output: Contribution to journalArticle

Harvard

Magkonis, G & Zekente, K-M 2020, 'Inflation-output trade-off: old measures, new determinants?', Journal of Macroeconomics.

APA

Magkonis, G., & Zekente, K-M. (Accepted/In press). Inflation-output trade-off: old measures, new determinants? Journal of Macroeconomics.

Vancouver

Magkonis G, Zekente K-M. Inflation-output trade-off: old measures, new determinants? Journal of Macroeconomics. 2020 May 20.

Author

Magkonis, Georgios ; Zekente, Kalliopi-Maria. / Inflation-output trade-off: old measures, new determinants?. In: Journal of Macroeconomics. 2020.

Bibtex

@article{74c019ac96ca4cf4acf013e04fa8bb61,
title = "Inflation-output trade-off: old measures, new determinants?",
abstract = "This study analyses the determinants of the sacrifice ratio; i.e., the output cost of disinflation. The empirical literature so far has used several model specifications, indicating the degree of model uncertainty. Even for those factors where consensus on their significance has been reached, such as trade openness and central bank independence, considerable uncertainty still surrounds their estimated sign. Motivated by the above, we estimate the most important drivers of the sacrifice ratio based on Bayesian model averaging, for a panel data set of 42 countries. Our findings confirm part of the evidence reported in the prior empirical literature, while it sheds light on the importance of other factors.",
keywords = "Sacrifice ratio, model uncertainty, model averaging",
author = "Georgios Magkonis and Kalliopi-Maria Zekente",
note = "12 month embargo. Elsevier.",
year = "2020",
month = may
day = "20",
language = "English",
journal = "Journal of Macroeconomics",
issn = "0164-0704",
publisher = "Elsevier",

}

RIS

TY - JOUR

T1 - Inflation-output trade-off: old measures, new determinants?

AU - Magkonis, Georgios

AU - Zekente, Kalliopi-Maria

N1 - 12 month embargo. Elsevier.

PY - 2020/5/20

Y1 - 2020/5/20

N2 - This study analyses the determinants of the sacrifice ratio; i.e., the output cost of disinflation. The empirical literature so far has used several model specifications, indicating the degree of model uncertainty. Even for those factors where consensus on their significance has been reached, such as trade openness and central bank independence, considerable uncertainty still surrounds their estimated sign. Motivated by the above, we estimate the most important drivers of the sacrifice ratio based on Bayesian model averaging, for a panel data set of 42 countries. Our findings confirm part of the evidence reported in the prior empirical literature, while it sheds light on the importance of other factors.

AB - This study analyses the determinants of the sacrifice ratio; i.e., the output cost of disinflation. The empirical literature so far has used several model specifications, indicating the degree of model uncertainty. Even for those factors where consensus on their significance has been reached, such as trade openness and central bank independence, considerable uncertainty still surrounds their estimated sign. Motivated by the above, we estimate the most important drivers of the sacrifice ratio based on Bayesian model averaging, for a panel data set of 42 countries. Our findings confirm part of the evidence reported in the prior empirical literature, while it sheds light on the importance of other factors.

KW - Sacrifice ratio

KW - model uncertainty

KW - model averaging

M3 - Article

JO - Journal of Macroeconomics

JF - Journal of Macroeconomics

SN - 0164-0704

ER -

ID: 20985108