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RBA Glossary definition for inflation

inflation – A measure of the change (increase) in the general level of prices.

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Inflation Regimes and Inflation Expectations

1 May 1997 RDP 9701
Joseph E. Gagnon
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1997/9701.html

Models of Inflation Regimes

1 May 1997 RDP 9701
Joseph E. Gagnon
And they know the probability distribution of the inflation target across future regimes. ... This diffuseness has no effect on the mean or median of future inflation.
https://www.rba.gov.au/publications/rdp/1997/9701/model.html

Inflation Regimes and Inflation Expectations

1 May 1997 RDP 9701
Joseph E. Gagnon
Research Discussion Paper – RDP 9701 Inflation Regimes and Inflation Expectations.
https://www.rba.gov.au/publications/rdp/1997/9701/

Literature Review

1 May 1997 RDP 9701
Joseph E. Gagnon
Occasional shifts in the inflation regime are more economically interpretable than fractional integration. ... is long memory in long-run inflation expectations and/or the inflation risk premium.
https://www.rba.gov.au/publications/rdp/1997/9701/literature-review.html

References

1 May 1997 RDP 9701
Joseph E. Gagnon
Ulph (1990), ‘Costs of Inflation’ in B.M. Friedman and F.H. Hahn (eds.), Handbook of Monetary Economics, vol. ... 37–45. Hostland, D. (1995), ‘Changes in the Inflation Process in Canada: Evidence and Implications’ Bank of Canada Working Paper No
https://www.rba.gov.au/publications/rdp/1997/9701/references.html

Introduction and Summary

1 May 1997 RDP 9701
Joseph E. Gagnon
One important outcome of different monetary regimes is different average inflation rates across regimes. ... Finally, the possibility of regime shifts leads to highly asymmetric distributions of future inflation rates.
https://www.rba.gov.au/publications/rdp/1997/9701/introduction.html

Empirical Support

1 May 1997 RDP 9701
Joseph E. Gagnon
For example, ADF tests on quarterly US inflation reject a unit root between 1954 and 1966 and also between 1984 and 1996. ... Moreover, the direction of the skewness is identical to that predicted by a regime-shift model for the true distribution of
https://www.rba.gov.au/publications/rdp/1997/9701/empirical-support.html

Interpretations and Extensions

1 May 1997 RDP 9701
Joseph E. Gagnon
This paper considers two approaches to modelling expectations of inflation under the next regime. ... long run as long as there is some possibility of a return to positive inflation.
https://www.rba.gov.au/publications/rdp/1997/9701/interpretations-extensions.html