The Phillips curve, which posits a relationship between inflation and domestic economic activity, introduces a crucial … evidence that forecasts of U.S. inflation from Phillips curve-based models tend to underperform relative to naïve forecasts. We …

of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …

of the New Keynesian Phillips Curce (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …