A.W.H. Phillips is little known to the economics profession today, except at the creator of the Phillips curve. Bollard's engaging biography tells the story of a provincial New Zealander and practical engineer, who emerges as a hero in World War II, and plots a spectacular rise from 3rd class...

This paper provides an empirical comparison of the sticky-price and the sticky information Phillips curves on the basis of second moments of inflation for six countries, the US, the UK, Germany, France, Canada, and Japan. We evaluate the models' abilities to match empirical second moments of...

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in six countries (US, UK, Germany, France, Canada, and Japan). We evaluate the models' abilities to match empirical second moments of inflation. Under baseline calibrations, the two...

Using unique product-level Swiss manufacturing panel data, we find the degree of competition among products to be an important determinant of price stickiness. The stronger the competition, the flatter is the slope of the so called micro Phillips curve, i.e. the weaker is the product-specific...

Using unique product-level Swiss manufacturing panel data, we find the degree of competition among products to be an important determinant of price stickiness. The stronger the competition, the flatter is the slope of the so called micro Phillips curve, i.e. the weaker is the product-specific...

The main purpose of this paper is to merge together two strands of the literature regarding, either directly or indirectly, infation: the PPP and the Phillips curve ones. In order to accomplish this task, this contribution applies the tools of the Empirical Growth Literature and of Dynamic Panel...

We review the main New Keynesian inflation equations that have arisen as a result of aggregation from individual firms' price rigidities. We find that, on the whole, they cannot account for inflation persistence, a key feature of the empirical dynamics of inflation, and with important policy...

The output gap (measuring the deviation of output from its potential) is a crucial concept in the monetary policy framework, indicating demand pressure that generates inflation. The output gap is also an important variable in itself, as a measure of economic fluctuations. However, its definition...

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 shows that a simple form of nonlinearity in the Phillips curve can explain why, following the Great Recession, inflation did not decrease as much as predicted by linear Phillips curves, a phenomenon known as the missing disinflation. We estimate a piecewise-linear specification and...