This study sets out to investigate whether the inflation‐output trade‐off in South Africa is symmetric or asymmetric; and if asymmetric, whether it is convex or concave. A New Keynesian dynamic stochastic general equilibrium model calibrated on South African data reveals that a negative demand shock reduces inflation and output while a positive demand shock of the same magnitude leads to a smaller increase in inflation and a larger increase in output, indicating that the inflation–output relationship in the country is concave asymmetric. These findings corroborate estimation results of the inflation‐expectations augmented Phillips curve conducted using difference GMM on quarterly data.

中文翻译：

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南非的通货膨胀与产出折衷：菲利普斯曲线对称吗？

这项研究旨在调查南非的通货膨胀与产出之间的权衡是对称的还是不对称的。如果是非对称的，则为凸形或凹形。根据南非数据校准的新凯恩斯主义动态随机一般均衡模型表明，负需求冲击会降低通货膨胀和产出，而正需求需求冲击同样幅度会导致通货膨胀增加较小，而产出增加较大，表明通货膨胀–该国的产出关系是凹不对称的。这些发现证实了在季度数据上使用差异GMM进行的通胀预期增强菲利普斯曲线的估计结果。