Woodford (2001) has presented evidence that the new-Keynesian Phillips curve fits the empirical behavior of inflation … curve is a very poor model of price inflation. We conclude that there is little reason to view the labor income share as a …

This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A … critical feature of the analysis is that we measure core inflation with the weighted median of industry inflation rates, which … is less volatile than the common measure of inflation excluding food and energy prices. We find that fluctuations in core …

economists to engage with Phillips' famous unemployment/wage-inflation analysis, now referred to as the Phillips curve. They … formulated the first unemployment/price-inflation version of the Phillips curve and were the first to interpret the Phillips … careful reconstruction and assessment of their original formulation, documenting the close relationship between the wage-inflation …

What is the effect of higher expectations of future inflation on current inflation? I compute this passthrough for a … most, expectations of long-run inflation are completely irrelevant; (v) I provide a generalized Phillips curve for current … inflation as a linear function of expectations of future inflation and realized past inflations; (vi) I show that the sum of all …

In the past five years, the inflation in the euro area has been well below the European Central Bank’s (ECB) aimed … inflation rate of close to but below two percent for achieving its objective of price stabilization in the medium term. The … present analysis shows that expectations of low inflation, rising cyclical unemployment, and external factors such as low …

How does competition affect information acquisition of firms and thus the response of inflation and output to monetary … uncertainty about inflation as a non-targeted moment. …

The past half-century has seen major shifts in inflation expectations, how inflation comoves with the business cycle … on how inflation is priced in financial markets. Not all inflation episodes are created equal. Using in a New Keynesian … model, we show how "good" inflation can be linked to demand shocks and "bad" inflation to supply shocks driving the economy …

This study contributes to the ongoing discussion surrounding the recent upswing in inflation by presenting an … analytical framework and empirically examining inflation trends in Italy. Its primary aim is to unveil the underlying causes …, distributive repercussions, and mechanisms through which inflation spreads. We adopt a cost-push and distributive conflict …

This paper investigates persistence of Swiss consumer price inflation using aggregate and disaggregate inflation data … covering 1983-2008. We document that persistence of sectoral inflation rates is below persistence of aggregate inflation. Our … main finding is that inflation persistence significantly declines in the early 1990s. An estimated factor model reveals …

This paper constructs a quarterly series of GDP deflator inflation for China from 1979 to 2009 and tests for a … structural break with an unknown change point in the dynamic inflation process. Empirical results suggest a significant … structural change in inflation persistence. Employing a counterfactual simulation method, we show that the structural change is …