Graham, Liam (contributor); Snower, Dennis J. (contributor) - 2008
-vertical Phillips curve in new Keynesian
models is well-known1, however with the discount factor pinned down by the
real interest rate … literature and a discussion of our central assump-
1Such a discounting e�ect is present in the new Keynesian Phillips curve based …) have shown that the Phillips curve
derived from New Keynesian microfoundations is highly nonlinear, with a pos-
itive …