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The Structural Dynamics of Output Growth and Inflation: Some International Evidence

Fabio Canova, Luca Gambetti and Evi Pappa
The Economic Journal
Vol. 117, No. 519, Conference Papers (Mar., 2007), pp. C167-C191
Published by: Wiley on behalf of the Royal Economic Society
Stable URL: http://www.jstor.org/stable/4625504
Page Count: 25
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
The Structural Dynamics of Output Growth and Inflation: Some International Evidence
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Abstract

We examine the dynamics of output growth and inflation in the US, Euro area and UK using a structural time varying coefficient VAR. There are important similarities in structural inflation dynamics across countries; output growth dynamics differ. Swings in the magnitude of inflation and output growth volatilities and persistences are accounted for by a combination of three structural shocks. Changes over time in the structure of the economy are limited and permanent variations largely absent. Changes in the volatilities of structural shocks matter.

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