what I call a micro Phillips curve, i.e. a product-specific relation between inflation and economic activity conditional on … inflation expectations. I find two opposing effects of competition on the slope of the micro Phillips curve. On the one hand … weak competition. In line with the theory, prices of products, that face very strong competition, are also less likely to …

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in … moments of inflation. Under baseline calibrations, the two models perform similarly in almost all countries. Under estimated … unconditional moments of inflation dynamics better while sticky information is more successful in matching co-movement of inflation …

inflation. Taking as given the paths of nominal labor compensation and labor productivity to approximate the evolution of …

Sticky-price models with rational expectations fail to capture the inertia in US inflation Models with backward …-looking expectations capture current inflation behavior but are unlikely to fit other monetary regimes This paper seeks to overcome these … problems with a near-rational model of expectations In the model agents make univariate forecasts of inflation: they use …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth? describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … effects. Although our theory contains no money illusion, no permanent nominal rigidities, and no departure from rational … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth," describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation and … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …

This paper provides an empirical investigation into the determinants and stability of the aggregate wage inflation … Phillips curve model that links wage growth to its past values as well as to the unemployment rate, price inflation, labor … that any recent shift in the inflation-unemployment relationship reflects developments outside the labor market. …