We give an appraisal of the New Keynesian Phillips curve (NPCM) as an empirical model of European inflation. The …

We specify an empirical model of US inflation which has the dynamics of wage and price setting at its core. In the … studies of pandemic-era inflation have confirmed that shocks to energy prices were important, but have not included imported … inflation more broadly. Estimation and simulation results indicate that wage growth was strongly affected early in the pandemic …

. Specifically we find that the expected rate of future inflation and real marginal costs serve as replacements for equilibrium … OECD inflation, the NPC is encompassed by an existing theory. …