Baxa, Jaromir; Plasil, Miroslav; Vasicek, Borek - Česká Národní Banka - 2013
A sharp increase in unemployment accompanied by a relatively muted response of inflation during the Great Recession cast further doubts on the validity of the Phillips curve. With the aid of dynamic model averaging (Raftery et al., 2010), this paper aims to highlight that the existence of a...