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Are there Shifts in the Output-Inflation Trade-off? The Case of Switzerland

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  • Ernst Baltensperger
  • Thomas J. Jordan

Abstract

This paper analyzes the change of the output-inflation trade-off in Switzerland over time. Three approaches are used. A traditional equation and a structural vectorautoregressive model are estimated with a moving local regression method. Furthermore, a dummy variable method is applied. The findings are robust among the different approaches. The short-run output inflation trade-off worsens in the 1970s and the 1980s compared to the Bretton Woods period. Output stabilization today is more costly in terms of inflation than it used to be earlier.

Suggested Citation

  • Ernst Baltensperger & Thomas J. Jordan, 1998. "Are there Shifts in the Output-Inflation Trade-off? The Case of Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 134(II), pages 121-132, June.
    • Handle: RePEc:ses:arsjes:1998-ii-1
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    Cited by:

    1. Rebecca Stuart, 2022. "160 Years of aggregate supply and demand in Switzerland," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 158(1), pages 1-14, December.
    2. Mr. Chorng-Huey Wong & Mr. Eric V. Clifton & Mr. Gene L. Leon, 2001. "Inflation Targeting and the Unemployment-Inflation Trade-off," IMF Working Papers 2001/166, International Monetary Fund.
    3. Stuart, Rebecca, 2018. "A quarterly Phillips curve for Switzerland using interpolated data, 1963–2016," Economic Modelling, Elsevier, vol. 70(C), pages 78-86.

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