상대가격 변동과 인플레이션 = Asymmetric Dispersion of Relative Prices and Inflation

다국어 초록 (Multilingual Abstract)

Current movements of the inflation rate are tightly associated with the price surge in agricultural and energy products, which generates a wide gap between the new Keynesian Phillips curve (NKPC) and the inflation rate. This paper considers the distributional characteristics of the relative price changes to accommodate the effect of the supply shock on the inflation. Using the disaggregated data for the period 1985:1~2010:12, we found that the asymmetry and dispersion of relative price changes are pivotal in explaining the inflation dynamics. In particular, the inclusion of asymmetry index improves the goodness-of-fit of the NKPC. The forecasting accuracy also reveals significant gain when the distributional characteristics of relative prices are considered in the NKPC.

참고문헌 (Reference)

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