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Persistent link: https://www.econbiz.de/10011623596
The New Keynesian Phillips Curve (NKPC), driven by unit labor costs has been criticized for failing to match inflation dynamics and for explaining the duration of price contracts. This paper extends recent attempts in the literature to improve the fit of the NKPC, by introducing a fuller...
Persistent link: https://www.econbiz.de/10011763715