A statistically significant relationship between the unemployment gap and inflation can be found for a clear majority … slack on inflation can often be dominated by other shocks, including imported inflation. The current Secretariat Phillips … curve specification assumes inflation expectations are anchored at the central bank’s target, although some experimentation …

This chapter examines the concept of inflation persistence in macroeconomic theory. It begins by defining persistence … persistence from the literature on imperfect information models, learning models, and so-called “trend inflation models … — emphasizing the difference between reduced-form and structural persistence. It then examines a number of empirical measures of …

This paper examines the relationship between the output gap and inflation in Japan by estimating Phillips curves and … testing for changes since the advent of low inflation and/or the stabilisation of the rate of change of inflation. The work … provides empirical support for the hypothesis of a change in the relationship between output and inflation in an environment of …

In this paper we propose a straightforward method to derive a non-accelerating inflation capacity utilisation rate … adjustments. The non-accelerating inflation capacity utilisation rate is then defined as the rate where a firm feels no price … as an indicator of inflationary pressure in a Phillips curve estimation. -- prices ; capacity utilisation ; NAICU …