2-Nov-00 —

Both the comments and the paper were presented at The First European Central Banking Conference, held in Frankfurt, Germany, November 2-5 2000.

Download: Dickens' PowerPoint presentation | Dickens' comments (PDF)
Download Wyplosz's Paper in PDF format from the ECB website.

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Table of Contents

  1. Title Page
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  2. Very low inflation may not be the best target for monetary policy
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  3. In Low Unemployment '60s Inflation was Moderate not Low
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  4. Two Complementary Approaches to Estimating Unemployment Costs of Zero Inflation
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  5. Advantages and Disadvantages
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  6. Some Reasons For Skepticism
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  7. We cannot expect Wyplosz estimates to apply outside the range in which we have data.
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  8. United Kingdom
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  9. France
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  10. Germany
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  11. Italy
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  12. Switzerland
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  13. What we Might Conclude
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  14. Conclusion continued
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  15. Akerlof, Dickens and Perry '96
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  16. Akerlof, Dickens, Perry 2000
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  17. ADP 2000 Phillips Curve for the United States
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  18. Or with nominal rigidity taken into account looks like...
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  19. ADP Phillips Curve for the United States (with nominal rigidity)
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  20. We've now estimated our model for 4 countries besides U.S.
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  21. Derivation of The Long-Run Phillips Curve in our Model
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  22. ADP Phillips Curve for Canada
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  23. United Kingdom
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  24. France
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  25. Germany
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  26. Conclusions
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