professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany and …

Recession, inflation did not decrease as much as predicted by linear Phillips curves, a phenomenon known as the missing … response of inflation to an increase in unemployment slower in the region where unemployment is already high. Nonlinearities … inflation or financial frictions. However, studying a range of specifications with different measures of inflation and economic …

professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany and …

, inflation, and inflation expectation. However, existing literature falls short of endogenizing inflation expectation together …. Inflation expectation is treated as a function of state variables and we use survey data as its noisy observations. Surprisingly …, we find that the estimated NAIRU tracks unemployment rate closely, except for the high inflation period (late 1970s …

Recession, inflation did not decrease as much as predicted by linear Phillips curves, a phenomenon known as the missing … response of inflation to an increase in unemployment slower in the region where unemployment is already high. Nonlinearities … inflation or financial frictions. However, studying a range of specifications with different measures of inflation and economic …

This paper examines euro area inflation dynamics by estimating open economy New Keynesian Phillips curves based on the … survey data and OECD inflation forecasts are used to proxy inflation expectations. The results suggest that, compared with a … closed economy New Keynesian Phillips curve, euro area inflation dynamics are better captured by the open economy …

assumptions on the functional correspondence between price inflation, inflation expectations and marginal costs. Expectations are … not assumed to be an unbiased predictor of actual inflation and instead derived from the European Commission’s Consumer … Survey data. The results suggest that expectations drive inflation with a lag of about 6 months, which casts further doubt on …

aggregate inflation and the higher-order moments of the distribution of relative price changes. Our empirical findings confirm … explanatory variable for the inflation rate. Further, the skewness measure also helps to explain shifts in the Phillips curve …

In this paper we test a new empirical relationship between wage and inflation. We introduce the concept of a cumulative … relation between their current wages and their past wages, adjusted for inflation. We call this the post-crisis Phillips Curve …. The shape of the post-crisis Phillips Curve expresses the theoretical assumption that the inflation rate stays below its …

Inflation dynamics have been difficult to explain over the last decade. This paper explores if a more comprehensive … treatment of globalization can help. CPI inflation has become more synchronized around the world since the 2008 crisis, but core … and wage inflation have become less synchronized. Global factors (including commodity prices, world slack, exchange rates …