An open economy model of trend inflation



Benjamin Wong, Reserve Bank of New Zealand.


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Thursday, 29 June, 2017 - 11:00 to 12:00

In this seminar, Benjamin Wong develops a model to empirically study the influence of foreign shocks in driving trend inflation and the inflation gap. He first applies his model to Australia, Canada, New Zealand, Norway, and Sweden, five advanced inflation targeting small open economies. A broad summary of his results suggest that while foreign shocks can have a sizeable influence on the inflation gap, they play a more marginal role in driving trend inflation.

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