López-Villavicencio, Antonia; Mignon, Valérie - Centre d'études prospectives et d'informations … - 2013
Relying on the backward-looking Phillips curve; we estimate the level of inflation that erodes price rigidity and … varying threshold inflation levels. Studying six advanced countries over the 1970-2012 period; our results show that both the … slope of the Phillips curve and the threshold; trend inflation that erodes price rigidity are time varying. These …