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Abstract
The trade-off between the variability of inflation and that of output is estimated for the UK, using several different approaches to obtain the output gap, and then for a range of other countries; in all cases the trade-off retains the ‘sharp turning point’ found for the UK and US by other authors.
Notes
1It is worth noting that the trade-off found by Batini and Haldane, using a larger calibrated model and shocks based on the Bank of England model of the UK, is similar to that found by Bean. See also Goodhart (Citation1999a).
2 We have verified that for the non-UK countries as well as for the UK the different methods produce essentially similar results.
3 While we have not produced results for Euroland as a single entity, our results for the five original members of the European Community (other than Luxembourg which was in a monetary union with Belgium) provide a tentative and reassuring answer to Goodhart's (Citation1999b) concern with the nature of the output/inflation trade-off in Euroland.
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