between wages and prices. A consideration that could loom large is the shortfall in wage gains relative to their pre …

relation between their current wages and their past wages, adjusted for inflation. We call this the post-crisis Phillips Curve …

Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the …, wages and inflation to monetary policy shocks becomes notably less pronounced. This attenuation reflects that hours worked … modification substantially lowers the effective stickiness of nominal wages, resulting in markedly different wage and inflation …