The slope of the Phillips curve for service prices in Japan: Regional panel data approach

IF 3.1 3区经济学 Q1 ECONOMICS

Journal of the Japanese and International Economies Pub Date : 2025-09-23 DOI:10.1016/j.jjie.2025.101388

Yui Kishaba, Tatsushi Okuda

引用次数: 0

Abstract

We estimate the slope of the Phillips curve for service prices in Japan using prefecture-level panel data, where we control for the impact of inflation expectations on inflation by including time-fixed effects instead of proxies for inflation expectations. Our estimates indicate that the slope of the Phillips curve has overall halved, or even decreased further, since the 2000s, during which the Bank of Japan confronted the zero lower bond constraint and implemented unconventional monetary policy measures.

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日本服务价格菲利普斯曲线的斜率：区域面板数据方法

我们使用地级面板数据估计日本服务价格的菲利普斯曲线的斜率，其中我们通过包括时间固定效应而不是通胀预期的代理来控制通胀预期对通胀的影响。我们的估计表明，自2000年代以来，菲利普斯曲线的斜率总体上减半，甚至进一步下降，在此期间，日本央行面临着债券利率为零的约束，并实施了非常规的货币政策措施。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of the Japanese and International Economies Multiple-

CiteScore

5.10

自引率

6.90%

发文量

期刊介绍： The Journal of the Japanese and International Economies publishes original reports of research devoted to academic analyses of the Japanese economy and its interdependence on other national economies. The Journal also features articles that present related theoretical, empirical, and comparative analyses with their policy implications. Book reviews are also published.