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Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
GLO Discussion Paper No. 1463
Verlag: 
Global Labor Organization (GLO), Essen
Zusammenfassung: 
Prior research has documented that attention to inflation shifts when inflation surpasses a 3-4% threshold. In this note we examine how attention to inflation declines in episodes of disinflation. We show that for countries where inflation has returned to "normal" (pre-threshold) levels, attention remains 2-3 times higher than it was before the run-up of inflation. We show evidence that wage growth is more strongly correlated with past inflation when attention is high. This is one possible mechanism behind the slower-than-expected disinflation in late 2023 and early 2024.
Schlagwörter: 
inflation
attention
persistence
threshold
JEL: 
E31
E52
E70
Dokumentart: 
Working Paper

Datei(en):
Datei
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