Unconventional Monetary Policy and Inflation in the U.S.: How Much Inflation was Missing?

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dc.contributor.authorPosada Posada, Carlos Esteban
dc.contributor.authorTorres García, Alejandro
dc.contributor.authorVillca Condori, Alfredo
dc.contributor.eafitauthorcposad25@eafit.edu.co
dc.contributor.eafitauthoratorres7@eafit.edu.co
dc.contributor.eafitauthoravillcac@eafit.edu.co
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.date.accessioned2020-03-13T16:24:41Z
dc.date.available2020-03-13T16:24:41Z
dc.date.issued2020-03-12
dc.description.abstractThe U.S. inflation rate for the period 2008-2016 was abnormally low despite the execution of a high expansive monetary policy, which has been called “the missing inflation paradox”. In this paper we estimate the missing inflation as the difference between the inflation predicted, and the observed rate using two monetarist models. The results support the adequacy of this approach to explain the inflation during 1970-2005. However, after that, the estimated missing inflation was around 3.5%-3.9% annually on average. Interestingly, this phenomenon apparently starts in 2006, previous to the beginning of the Great Recession. Although we do not present a formal explanation, the models used allow us to suspect the existence of an unusually high (and transitory) increase in the demand for real money balances.eng
dc.identifier.jelC51
dc.identifier.jelE31
dc.identifier.jelE51
dc.identifier.jelE52
dc.identifier.jelE41
dc.identifier.urihttp://hdl.handle.net/10784/15916
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordinflationspa
dc.subject.keywordmissing inflationspa
dc.subject.keywordmonetary policyspa
dc.subject.keywordmoney demandspa
dc.titleUnconventional Monetary Policy and Inflation in the U.S.: How Much Inflation was Missing?eng
dc.typeworkingPapereng
dc.typeinfo:eu-repo/semantics/workingPapereng
dc.type.hasVersiondrafteng
dc.type.localDocumento de trabajo de investigaciónspa

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