This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in … moments of inflation. Under baseline calibrations, the two models perform similarly in almost all countries. Under estimated … unconditional moments of inflation dynamics better while sticky information is more successful in matching co-movement of inflation …

during and following the recent Great Recession, and that models in which inflation depends on economic slack cannot explain … the recent muted behavior of inflation, given the sharp drop in output that occurred in 2008-09. In this paper, we use a … protracted decline in inflation. The model does so even though inflation remains very dependent on the evolution of both economic …

One of the most surprising features of the long current expansion has been the decline in price inflation through the … late 1990s. Some observers interpret the decline as evidence of a permanent change in the relationship between inflation … - most notably, a decrease in import prices - can account for the low inflation rates in recent years …

effects of uncertainty shocks on inflation. We find the response of inflation to be statistically insignificant until mid …-to-late 1990s and negative thereafter. Our findings suggest that uncertainty shocks do not propagate like aggregate supply shocks …

significantly and positively related to their uncertainty about future inflation. And lastly, we demonstrate, by way of a cross … investigate the inflation expectations and uncertainties of firms. We document that, in the aggregate, firm inflation expectations … are very similar to the predictions of professional forecasters for national inflation statistics, despite a somewhat …

significantly and positively related to their uncertainty about future inflation. And lastly, we demonstrate, by way of a cross … investigate the inflation expectations and uncertainties of firms. We document that, in the aggregate, firm inflation expectations … are very similar to the predictions of professional forecasters for national inflation statistics, despite a somewhat …

inflation are now less well informed by macroeconomic conditions; because expectations are important in the setting of current …-period prices, inflation is therefore less sensitive to macroeconomic conditions. To distinguish between our two hypotheses, we … bring to bear information on inflation expectations from surveys, which allow us to distinguish changes in the sensitivity …

Using state-space modeling, we extract information from surveys of long-term inflation expectations and multiple … quarterly inflation series to undertake a real-time decomposition of quarterly headline PCE and GDP-deflator inflation rates … approaches to real-time forecasting of headline PCE inflation. We find that performance is enhanced if forecasting equations are …

The response of US inflation to the high levels of spare capacity during the Great Recession of 2007-09 was rather … inflation, and either the closing of this gap or non-linearities in the Phillips curve could lead to a sudden pick-up in … inflation. We revisit these issues by estimating Phillips curves over 1992Q1 to 2015Q1. Our main findings suggest that a …

pronounced increase of aggregate US producer price inflation. …