THE SWINGS OF U.S. INFLATION AND THE GIBSON PARADOX
研究了美国通胀波动性降低及与名义利率相关性减弱（吉布森悖论）的原因，发现更平坦的菲利普斯曲线和更低的加价冲击持续性等是主要解释因素。
In recent business cycles, U.S. inflation has experienced a reduction of volatility and a severe weakening in the correlation to the nominal interest rate (Gibson paradox). We examine these facts in an estimated dynamic stochastic general equilibrium model with money. Our findings point at a flatter New Keynesian Phillips Curve (higher price stickiness) and a lower persistence of markup shocks as the main explanatory factors. In addition, a higher interest‐rate elasticity of money demand, an increasing role of demand‐side shocks, and a less systematic behavior of Fed's monetary policy also account for the recent patterns of U.S. inflation dynamics.