Chortareas, Georgios; Magonis, George; Panagiotidis, … - In: Economics Letters 114 (2012) 2, pp. 161-163
Using a two-stage quantile regression framework, we uncover significant asymmetries across quantiles for all coefficients in an otherwise standard New Keynesian Phillips Curve (NKPC) for the euro area. A pure NKPC specification accurately captures inflation dynamics at high inflation quantiles.