Gagliardone, Luca; Gertler, Mark; Lenzu, Simone; … - 2024
We develop a bottom-up approach to estimating the slope of the primitive form of the New Keynesian Phillips curve … and real rigidities in price setting. Our estimates imply a high slope for the marginal cost-based Phillips curve, which … advantage of a marginal cost-based Phillips curve for characterizing the transmission of supply shocks to inflation. …