Inflation during times of economic slack and deleveraging: a panel data analysis
利用跨国面板数据，在菲利普斯曲线框架下分析信贷变化和金融压力时期的通胀动态，发现经济疲软时菲利普斯曲线趋于平坦。
Historically, persistent and pronounced economic downturns gave rise to notable falls in the level of inflation but these falls are not observed in the immediate aftermath of the global financial crisis of 2008–2009. This paper analyses inflation dynamics in a cross-country Phillips curve framework while considering credit evolutions and periods of financial stress and documents a flattening of the Phillips curve during economic slack.