Estimates of the NAIRU are usually derived either from a Phillips-curve or from a real wage curve in an incomplete competition model. This paper investigates the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price model. We derive the parameter...

In this paper we propose a straightforward method to derive a non-accelerating inflation capacity utilisation rate (NAICU) based on micro data. We condition the current capacity utilisation of firms on their current and planned price adjustments. The non-accelerating inflation capacity...

This paper analyses the interplay of capacity utilisation, capacity constraints, demand constraints and price adjustments, employing a unique firm-level data set for Swiss manufacturing firms. Theoretically, capacity constraints limit the ability of firms to expand production in the short run...

This paper deals with the analysis of price-setting in U.S. manufacturing industries. Recent studies have heavily criticized the ability of the New Keynesian Phillips curve (NKPC) to fit aggregate inflation [see, e.g., Rudd and Whelan, 2006, Can Rational Expectations Sticky-Price Models Explain...

This paper analyses the interplay of capacity utilisation, capacity constraints, demand constraints and price adjustments, employing a unique firm-level data set for Swiss manufacturing firms. Theoretically, capacity constraints limit the ability of firms to expand production in the short run...

We use a unique high-frequency micro-dataset to estimate the slope of the primitive form of the New Keynesian Phillips curve, which features marginal cost as the relevant real activity variable. Our dataset encompasses product-level prices, costs, and output within the Belgian manufacturing...

This paper deals with the analysis of price-setting in U.S. manufacturing industries. Recent studies have heavily criticized the ability of the New Keynesian Phillips curve (NKPC) to fit aggregate infl ation [see, e.g., Rudd and Whelan, 2006, Can Rational Expectations Sticky-Price Models Explain...

The data of the Gaidar Institute's surveys of industrial enterprises received in February presented a controversial pattern of the state of things in the industry: explicit growth in sales and output along with high redundancy of stocks of fi nished goods and a definite drop in optimism of...

According to the data of surveys of the Gaidar Institute, in January in industry the sharp but traditional growth in optimism of forecasts of demand, output and employment was combined with growth in excessive stocks of finished products, careful pricing policy and growing inhibitive effect of...