Replication data for: Inflation Persistence, the NAIRU, and the Great Recession

Principal Investigator(s):  View help for Principal Investigator(s) Mark W. Watson

Version:  View help for Version V1

Name File Type Size Last Modified
  P2014_1104_data 10/11/2019 10:13:PM
LICENSE.txt text/plain 14.6 KB 10/11/2019 06:13:PM

Project Citation: 

Watson, Mark W. Replication data for: Inflation Persistence, the NAIRU, and the Great Recession. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112790V1

Project Description

Summary:  View help for Summary The rate of inflation fell far less over the period 2007-2013 than in the period 1979-1985 despite similar large increases in the unemployment rate. This paper asks why. Possible explanations include a change in the persistence of inflation, changes in NAIRU, and other shocks. A change in the persistence of inflation, with inflation more anchored in the period 2007-2013 than in the period 1979-1985, is found to be important. The level and change in the NAIRU cannot be precisely estimated, but the data suggest an increase of nearly 1 percentage point since 2007.

Scope of Project

JEL Classification:  View help for JEL Classification
      E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
      E31 Price Level; Inflation; Deflation
      E32 Business Fluctuations; Cycles
      G01 Financial Crises


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V1 [2019-10-11]

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