01651cas a2200253 a 4500 AALejournalIMF013581 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484334720 1018-5941 BD-DhAAL BD-DhAAL Matheson, Troy. The Great Recession and the Inflation Puzzle / Troy Matheson, Emil Stavrev. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (12 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s. Using a non-linear Kalman filter that allows for time-varying parameters, we find that three factors have contributed to the observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the Phillips curve has flattened; and the importance of import-price inflation has increased. Mode of access: Internet Stavrev, Emil. IMF Working Papers; Working Paper ; No. 2013/124 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/124/001.2013.issue-124-en.xml IMF e-Library